SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose three-tenths of a cent Sunday to $4.502, one day after increasing eight-tenths of a cent.
The average price has increased 16 consecutive days and 21 of the past 22. It has risen 14.6 cents over the past 22 days to its highest amount since Oct. 19, 2012, according to figures from the AAA and Oil Price Information Service.
The average price is 6.6 cents more than one week ago, 15.8 cents higher than one month ago and $1.332 greater than one year ago.
The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange has risen six of the past seven trading sessions, including increasing $1.26 Friday to settle at $83.76, its second-highest settlement price of the year, behind only Wednesday's $83.87 settlement price.
The settlement price has risen for nine consecutive weeks, the longest streak on record. Figures are available back to April 1983.
The crude oil price has increased 134.03% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.