gas prices

For Second Day in a Row, San Diego County Posts Record Gas Prices

NBC Universal, Inc.

The average price of a gallon of self-serve regular gasoline in San Diego County rose to a record high Thursday for the second consecutive day, increasing 1 cent to $4.736.

The average price has risen 16 times in 17 days, increasing 11.2 cents, including 1 cent on Wednesday, according to figures from the AAA and Oil Price Information Service. It is 3.7 cents more than one week ago, 10.9 cents higher than one month ago and $1.201 greater than one year ago.

The San Diego County record before Wednesday was $4.725 set Oct. 8, 2012.

"I tell myself, there's no use fretting over stuff you can't control," one driver told NBC 7 Thursday.

UC San Diego economics professor, Mark Jacobsen, ph.D, doesn't think the price will soften.

"I don't think it's going to go down dramatically, either, right? Because we're seeing all of this recovery coming out of COVID," Jacobsen said.

Investors and companies across the world are stockpiling crude oil as tension between Russia nd Ukraine intensifies, accord to Jacobsen.

"[They're] speculating that if there's an invasion and there's a real disruption in the supply of crude oil, they'll be able to sell it next month or two months from now for a lot more than they're paying for it now," he said.

Before we even do experience a shortage of oil, the speculation is driving up prices.

"We don't actually have a shortage of crude oil yet, right? This is all in anticipation that we might," Jacobsen.

Jacobsen said he expects the average gallon of gas to cost more than $4 through the summer.

Copyright CNS - City News Service
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