San Diego

San Diego Gas Prices Continue to Soar, Highest Amount Since October 2012

NBC Universal, Inc.

The average price of a gallon of self-serve regular gasoline in San Diego County rose Wednesday for the 19th consecutive day and the 24th time in 25 days, increasing four-tenths of a cent to $4.517, its highest amount since Oct. 19, 2012.

The average price has risen 16.2 cents over the past 25 days, including nine-tenths of a cent Tuesday, according to figures from the AAA and Oil Price Information Service. It is 4.3 cents more than one week ago, 16.6 cents higher than one month ago and $1.354 greater than one year ago.

The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas Intermediate crude for December delivery on the New York Mercantile Exchange rose Tuesday to its highest settlement value since Oct. 13, 2014, increasing 89 cents to $84.65.

The crude oil price has increased 136.52% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.

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