The average price of a gallon of self-serve regular gasoline in San Diego County rose two-tenths of a cent Sunday to $4.871, the fifth consecutive day it has changed by two-tenths of a cent or less.
The average price is eight-tenths of a cent more than one week ago and four-tenths of a cent higher than one month ago but $1.075 less than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.564 since rising to a record $6.435 on Oct. 5.
The average price also rose two-tenths of a cent Wednesday, was unchanged Thursday and Saturday and increased one-tenth of a cent Friday.
The national average price rose one-tenth of a cent to $3.505, its fifth consecutive increase. It has risen 7 cents over the past five days and 6.6 cents since one week ago, including three-tenths of a cent Saturday. It is 13.1 cents more than one month ago, 69.5 cents less than one year ago and has dropped $1.511 since rising to a record $5.016 on June 14.
Saudi Arabia will cut oil production by 500,000 barrels per day from May until the end of the year in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation, a Ministry of Energy official announced Sunday.
The move will likely cause increases in oil and gas prices. This voluntary cut is in addition to the reduction in production agreed to at the 33rd OPEC and non-OPEC ministerial meeting on Oct. 5 of last year.
The official emphasized the production cut “is a precautionary measure aimed at supporting the stability of the oil market.”
The development prompted reaction from an industry analyst.
Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, tweeted that “Various OPEC members throwing together a production cut that could have an impact on summer #gasprices, but economic concerns may persist, so to me this isn’t a huge game changer.”
City News Service contributed to this article.
Update 2:30 p.m. April 2, 2023