SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County recorded its second-largest increase since July 14, 2015, Sunday, rising 11.2 cents to $5.327 -- its 17th record high in the last 19 days.
Each of the three highest increases since July 14, 2015, have occurred over the past three days. The average price rose 12.9 cents Friday and 11.1 cents Saturday, according to figures from the AAA and Oil Price Information Service.
The average price has risen 31 of the past 34 days, increasing 70.3 cents. It is 48.5 cents more than one week ago, 64.8 cents higher than one month ago and $1.554 greater than one year ago.
Oil industry analysts attribute the price spike to the possibility of a supply shortage because traders, shippers, insurance companies and banks are avoiding Russian oil transactions for fear of running afoul of Western sanctions.
The price spike "is not exactly surprising -- it is the cost of choking off Russia from energy revenue," said Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real-time gas price information from more than 150,000 stations.
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