SAN DIEGO (KGTV) - The invasion of Ukraine continues to send gas prices through the roof. In just one week, local prices went up by 53 cents.
Monday, the average price of gas in San Diego is $5.38 cents a gallon.
Economic experts say that if San Diego has not hit its peak, we are fast approaching. Some gas stations with lower prices, closer to the $5 mark, have run out of mid-range and premium gasoline.
It's because of this, that people are flocking to other modes of transportation.
Professor Alan Gin with USD, says that the current conflict in Ukraine is impacting us at the pump back home.
"For example, Brent Crude was at $97-$98 a barrel a week ago, at the end of the week it was over $110 a barrel so you have a fifteen percent increase," Gin said. "And today there were reports saying it was over $130 a barrel. So it's up considerably."
Yet drivers are still driving. Many, like those in the Costco in Mission Valley, were waiting in long lines to try and save a few cents.
But there are others who are looking for other solutions.
"I just sold two last week for that reason," shares an employee at San Diego Bike Shop. "It kind of pays for itself after a while because there's no gas, parking, it's just less time and way more convenient."
The shop's owner, Mohammad Karimi said they have seen higher than normal foot traffic.
"We've had several comments by customers saying gas is expensive, Oh I am doing this," he explains.
The owner can not say that the increase at the pump has led to an increase in sales just yet. Karimi explains that there are current supply chain issues that have bike stores across the country working to keep their stock high to meet expected demand.
"The situation in Europe, if somehow that gets uglier we may feel the adverse effect. But other than that, I expect business to be better, more people getting on the bikes," shares Karimi.
Yet for those who need to drive, experts say they will need to re-evaluate spending.
"I think it's already happening, in that people might have to cut back because they are spending so much on gasoline," explains Gin. "I think it's been estimated that a dollar increase would translate into roughly $1,000 a year spent more on gasoline."
And those continued increases in gasoline are not expected to end anytime soon.
"The situation is just uncertain," Gin emphasizes. "A lot depends on the conflict in Ukraine."
