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Pain at the pump continues: Average San Diego County gas price reaches record high

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Posted at 6:24 AM, May 19, 2022
and last updated 2022-05-19 09:24:16-04

SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose to a record Thursday, increasing six-tenths of a cent to $6.023, breaking the previous record of $6.018 set March 29.

The average price has risen 16 of the past 17 days, increasing 24.4 cents, including 2 cents Wednesday, according to figures from the AAA and Oil Price Information Service. It is 16.6 cents more than one week ago, 25.6 cents higher than one month ago and $1.867 greater than one year ago.

The national average price rose to a record for the 10th consecutive day, increasing 2.2 cents to $4.589.

The rising pump prices are the result of the high cost of oil, according to Andrew Gross, an AAA national public relations manager. The price of a barrel of July Brent crude on ICE Futures Europe fell $2.82 Wednesday to settle at $109.11.

Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.

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.