The average price of a gallon of self-serve regular gasoline in San Diego County is creeping toward record-high prices established in June after increasing 12.2 cents on Friday to $6.322.
The average gasoline price recorded in the region is within 5.1 cents of the record high of $6.373 set on June 15. The average price has increased 14 consecutive days and 27 of the past 28 increasing $1.10, including 15.7 cents Thursday, its largest increase since July 11, 2015, according to figures from the AAA and the Oil Price Information Service.
“This week saw the most significant gas price increases since they jumped 77 cents in one week in March,'' said Doug Shupe, the Automobile Club of Southern California's corporate communications manager. “Until the state receives significant amounts of imported gasoline and local refineries are fully operational again, we will likely continue to see pump price increases.''
The national average price rose for the 10th consecutive day following a 98-day streak of decreases totaling $1.342, increasing 1.5 cents to $3.797. According to the AAA and Oil and Information Service, rising prices have been observed over the past 10 days.
The national average price is 10.8 cents more than one week ago and 60.8 cents higher than one year ago but 4.7 cents less than one month ago. The national average price is $1.219 less than the record $5.016 set June 14.
According to recent data from the Energy Information Administration, gas demand increased nationally from 8.32 million b/d to 8.83 million b/d last week, and total domestic gasoline stocks decreased by 2.4 million bbl to 212.2 million bbl. Higher gasoline demand amid tight supply and fluctuating oil prices have increased the national average.
The AAA and Oil Price Information Service note that drivers should brace for rising pump prices through the weekend if demand remains robust as supply tightens.
