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San Diego County gas prices hit record high for 16th consecutive day

Gas prices gas pump
Posted at 10:29 AM, Jun 12, 2022
and last updated 2022-06-12 13:29:21-04

SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose four-tenths of a cent Sunday to $6.365, extending its streak of record highs to 16 consecutive days.

The average price has risen 17 consecutive days, increasing 34.7 cents, including eight-tenths of a cent Saturday, according to figures from the AAA and the Oil Price Information Service. It is 11.5 cents higher than one week ago, 50.8 cents more than one month ago and $2.148 greater than one year ago.

The average price has risen $1.609 since Russia's invasion of Ukraine on Feb. 24 "sent shock waves through the oil market that have kept oil costs elevated," said Andrew Gross, an AAA national public relations manager.

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.

The national average price rose six-tenths of a cent to $5.01, its 16th consecutive record and 20th in the last 21 days. It has increased 41.7 cents over the past 21 days, including 1.8 cents Saturday.

The national average is 16.2 cents more than one week ago, 59.2 cents higher than one month ago and $1.933 greater than one year ago.