The average price of regular self-serve gasoline in San Diego County nears $5 a gallon with record-breaking increases in the recent weeks.
San Diego County residents have seen the largest increase of regular self-serve gasoline since Sept. 28, 2019, on Thursday, rising 8 cents to $4.975, its 14th record in 16 days. The average price of gasoline has increased 28 out of the 31 days.
According to the AAA and Oil Price Information Service, the average price of gasoline has increased 35.1 cents, including 3.4 cents Wednesday in that time frame.
The average price is 19.2 cents more than one week ago, 31.9 cents higher than one month ago, and $1.232 greater than one year ago.
The price jump on Thursday is yet another mark for the county, and it mirrors a state-wide trend. The average price of regular self-serve gasoline in California has jumped nearly 30 cents in the past month, and is slightly behind San Diego, setting another record-state average at $4.94.
According to a spokesperson for AAA Southern California, Montgomery said one factor of the increasing prices is the rising tensions between Ukraine and Russia.
However, gas prices were surging in San Diego even before Russia’s invasion on Feb.24.
Russia is the world’s third-largest producer of crude oil, accounting for about 12 percent of global supplies, but crude oil prices steadily rose prior to Vladimir Putin’s assault on Ukraine, but it surged after the invasion.
The price of gasoline has risen to record-breaking heights due in part to global supply issues that have accompanied the economic recovery of the COVID-19 pandemic, according to experts.
“Higher pump prices reflect war’s dark uncertainties,” reads a recent post on AAA’s gas prices blog, which dives into the impact the conflict has on global markets.
“Russia’s violent invasion of Ukraine has roiled the oil market,” the post explains. “The increase in the global price of oil has led to higher pump prices in the U.S.”
Also contributing to the rise of prices are the state’s taxes. California’s gas tax is the second-highest in the nation at 51.1 cents for each gallon.