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Average Southern California gas prices reach highest amount since 2012

Little change to San Diego County gas prices
Posted at 10:27 AM, Oct 23, 2021
and last updated 2021-10-23 13:32:40-04

SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose Saturday for the 15th consecutive day and 20th time in 21 days, increasing eight-tenths of a cent to $4.499, its highest amount since Oct. 19, 2012.

The average price has risen 14.3 cents over the past 21 days, including six-tenths of a cent on Friday, according to figures from the AAA and Oil Price Information Service. It increased five consecutive days, was unchanged Oct. 8 and resumed rising Oct. 9.

The average price is 7.4 cents more than one week ago, 15.6 cents higher than one month ago and $1.327 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 rose Friday for the sixth time in seven days, increasing $1.26 to settle at $83.76, its second-highest settlement price of the year, behind only Wednesday's $83.87 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.