The average price of regular self-serve gasoline in San Diego County dropped slightly to $6.367, breaking an 18 record-setting streak over the last 19 days.
According to the American Automotive Association and Oil Price Information Service, the average price of gasoline in the county dropped six-tenths of a cent. Recent figures show the average price of gasoline increased 35.5 cents over the previous 20 days, including three-tenths of a cent Wednesday.
The average price is 4.1 cents higher than one week ago, 40.9 cents more than one month ago, and $2.146 greater than one year ago. It has risen by $1.611 since Russia's invasion of Ukraine on Feb. 24 "sent shock waves through the oil market that have kept oil costs elevated,'' said Andrew Gross, an AAA national public relations manager.
The national average price of gasoline surpassed $5 on June 9 for the first time ever. As of Thursday morning, the national average reads $5.009. The national average is 3.9 cents more than one week ago, 52.6 cents higher than one month ago, and $1.934 greater than one year ago.
According to Gas Buddy, a fuel-saving platform that provides real-time gas price information, this comes behind months of gas price increases across the country, accelerated by the rise in seasonal demand amidst supply constraints borne out of the pandemic.
“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”
GasBuddy recommends drivers save money on summer travel by browsing for the best gas prices, always paying with a gas card or gas rewards credit card, and taking advantage of gas station loyalty programs. The platform advises commuters to drive more cautiously in order to increase fuel efficiency.
