The average price of a gallon of self-serve regular gasoline in San Diego County Monday recorded its smallest increase during a 20- day streak of increases, rising three-tenths of a cent to a record $5.766.
The average price has risen $1.022 during the streak, including by at least 10 cents six times between March 4 and Thursday, according to figures from the AAA and Oil Price Information Service. It is 38.3 cents more than one week ago, $1.056 higher than one month ago and $1.884 greater than one year ago.
The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and "encourage other OPEC members to do the same," said Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager.
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After rising to $127.98 on Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.
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After rising to $127.98 on Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
