No end in sight: San Diego County average gas price rises 11.1 cents to 16th record high in 18 days

Gas pump. Photo credit: Alexandre Nguyen

The average price of a gallon of self-serve regular gasoline in San Diego County rose 11.1 cents Saturday to $5,215, a day after posting its largest daily increase since July 13, 2015, 12 .9 cents, reaching $5 for the first time.

The average price has risen 30 of the past 33 days, rising 59.1 cents, and set highs 16 of the past 18 days, according to AAA figures and Petroleum Price Information Service. That’s 38.2 cents more than a week ago, 54.1 cents more than a month ago, and $1.456 more than a year ago.

Oil industry analysts attribute the price spike to the possibility of a supply shortage, as traders, shippers, insurance companies and banks shun Russian oil transactions for fear of facing sanctions Western.

Pump prices hit record highs as the price of a barrel of Brent on the Intercontinental Exchange rose Friday to its highest level since Feb. 13, 2013, $118.11, rising $7.65. Its increase of 25.49% for the week ($23.99) is the largest on record, based on available data dating back to January 11, 1991.

Crude oil costs are just over half the price at the pump, according to the US Energy Information Administration. The rest of the price includes the other gasoline components, production costs, distribution costs, overhead costs for everyone involved in production, distribution and sales, taxes and carbon offset costs in California paid by refineries.

– City News Service, Inc.

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