The average price of gas has set records five out of the past six days in San Diego County on Monday, with a record $4.744 for regular self-serve gasoline.
This comes one day after 18 increases in the past 20 days.
According to figures from American Automotive Association and Oil Price Information Service, the average price of gas is 3.4 cents more than one week ago, 12 cents higher than one month ago, and $1.141 greater than one year ago.
The last record set was $4.725 on Oct.8, 2012.
The record highs follow a 53.73% increase from one year ago to the price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange to $91.07. Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration
“The number one reason why we’re seeing these pump prices is the geopolitical tension between Russia and Ukraine. That’s putting upward pressure on the crude oil prices, AAA spokesperson Doug Shupe explained. “Also, as many parts of the country start warming up, the demand for fuel is increasing as people start to head out and take those road trips.”
Refineries have been producing a more expensive summer blend as we approach warmer months, which is made to be less likely to evaporate in the warmer temperatures, according to Shupe.
California’s gas tax, which is the highest in the nation at 51.1 cents, is set to go up again on July 1, part of a schedule of annual increases that have taken place annually since 2017 because of Senate Bill 1.
