SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose 11.1 cents Saturday to $5.215, one day after recording its largest daily increase since July 13, 2015, 12.9 cents, to top $5 for the first time.
The average price has risen 30 of the past 33 days, increasing 59.1 cents, and set records 16 of the past 18 days, according to figures from the AAA and Oil Price Information Service. It is 38.2 cents more than one week ago, 54.1 cents higher than one month ago and $1.456 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.
Pump prices have reached record highs as the price of a barrel of Brent crude on the Intercontinental Exchange rose Friday to its highest amount since Feb. 13, 2013, $118.11, increasing $7.65. Its 25.49% increase for the week ($23.99) is the largest on record, based on available data back to Jan. 11, 1991.
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.