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Run of smaller gas price increases continues

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Posted at 9:46 AM, Mar 13, 2022

SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose 1.6 cents Sunday to a record $5.763, one day after recording its smallest increase since Feb. 28, 1.3 cents.

The average price has risen 19 consecutive days, increasing $1.019, including by at least 10 cents six times between March 4 and Thursday, according to figures from the AAA and Oil Price Information Service. It is 43.6 cents more than one week ago, $1.055 higher than one month ago and $1.893 greater than one year ago.

The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and "encourage other OPEC members to do the same," said Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager.

After rising to $127.98 on Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.

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.

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

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