The average price of a gallon of self-serve regular gasoline in San Diego County rose Saturday for the 22nd consecutive day and the 27th time in 28 days, increasing four-tenths of a cent to $4.529, its highest amount since Oct. 18, 2012.
The average price has risen 17.4 cents over the past 28 days, including four-tenths of a cent on Wednesday, Thursday and Friday, according to figures from the AAA and Oil Price Information Service. It is 3 cents more than one week ago, 17.3 cents higher than one month ago and $1.37 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 on the New York Mercantile Exchange has increased 133.5% from its 52-week low of $35.79 on Oct. 30, 2020, to $83.57 Friday because of higher demand following the elimination of coronavirus-related restrictions.
The settlement price gained $8.54 per barrel in October, 11.38%, the largest one-month net and percentage gain since February.
Friday’s settlement value is the fifth-highest of the year. It has risen three of the past four sessions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
–City News Service
