SAN DIEGO (CNS) — The average price of a gallon of self-serve regular gasoline in San Diego County rose one-tenth of a cent Saturday to $4.385, one day after a five-day streak of increases ended when it was unchanged.
The average price is at its highest amount since Oct. 23, 2012, and 2.9 cents more than one week ago, 3 cents higher than one month ago, and $1.199 greater than one year ago, according to figures from the AAA and Oil Price Information Service.
"Because (OPEC) and OPEC+ are remaining very disciplined about how much the member states will produce each month, prices most likely will remain high through much of the fall," said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager, referring to the Organization of the Petroleum Exporting Countries and the Russia-led group of oil producers known as OPEC+.
"Some of the blame can go to the increased cost of doing business everywhere, including increased labor and rent costs. But much of the gas price increases are due to high oil prices."
OPEC and OPCE+ agreed Monday to maintain their schedule of increasing oil production by 400,000 barrels a day each month. With the end of the possibility of doubling the increase to 800,000 barrels a day, the price of a barrel of West Texas Intermediate crude rose on the New York Mercantile Exchange to its highest amount since 2014.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.