Gas prices in San Diego inch closer to $6/gallon

The average price of a gallon of self-serve regular gasoline in San Diego County rose Wednesday for the 54th time in 58 days, increasing 5.5 cents to $5.994, its highest amount since Oct. 17.

The average price has increased $1.045 over the past 58 days, including 9.2 cents Tuesday, according to figures from the AAA and Oil Price Information Service.

The average price rose 35 consecutive days, dropped three of the next four days and increased 18 of the past 19 days.

The average price is 42.1 cents more than one week ago, 67.7 cents higher than one month ago and 57.9 cents above what it was one year ago. It has dropped 44.1 cents since rising to a record $6.435 on Oct. 5.

NBC 7 asked USC Professor of Management and Organization Shon Hiatt about factors behind the surge and he mentioned a few things.

"Decreased supply of petroleum worldwide, mainly through cuts through Saudi Arabia and Russia. The second is the decrease in the production of refined goods. So, our refineries in the United States were just, they're getting old, they're breaking down, and so we can't make enough diesel and gasoline, leading us to go to the international markets where it's already tight. And the third is the strategic petroleum reserve has been drawn down to the point where we can't draw it down anymore," Hiatt said.

Doug Shupe, the Automobile Club of Southern California's corporate communications manager, told City News Service, "It is hopeful we will see relief as early as the end of this month when some gasoline cargoes are likely to end up on the West Coast."

The national average price dropped a half-cent to $3.875, one day after an 11-day streak of increases totaling 7.8 cents ended when it decreased one-tenth of a cent. It is 2.7 cents more than one week ago, nine-tenths of a cent higher than one month ago and 20.1 cents above what it was one year ago.

The national average price has dropped $1.141 since rising to a record $5.016 on June 14, 2022.