San Diego gas prices hit new record for 5th consecutive day

SAN DIEGO (CNS) – The typical worth of a gallon of self-serve common gasoline in San Diego County rose Wednesday to a report for the fifth consecutive day, rising 3.3 cents to $6.114, its sixth consecutive enhance.

The typical worth has risen 9.6 cents over the previous six days, together with six-tenths of a cent Tuesday, based on figures from the AAA and the Oil Worth Info Service. It’s 9.4 cents increased than one week in the past, 33.4 cents multiple month in the past and $1.926 higher than one yr in the past.

The typical worth has risen $1.358 since Russia’s invasion of Ukraine on Feb. 24 “despatched shock waves by means of the oil market which have saved oil prices elevated,” stated Andrew Gross, an AAA nationwide public relations supervisor.

The value of a barrel of entrance month crude on ICE Futures Europe dropped $2 Tuesday to settle at $115.60, someday after rising $2.04 to settle at $117.60, its highest quantity since March 23.

Analysts attributed Monday’s enhance to anticipated elevated demand following the weekend feedback by Shanghai Vice Mayor Wu Qing that coronavirus- associated restrictions can be lowered this week and the expectation of a discount in provide stemming from the pledge by European Union leaders to impose an oil embargo on Russia.

Crude oil prices account for barely greater than half of the pump worth, based on the U.S. Power Info Administration.

The remainder of the worth consists of the opposite parts of gasoline, manufacturing prices, distribution prices, overhead prices for all concerned in manufacturing, distribution and gross sales, taxes and carbon offset charges in California paid by the refineries.

The nationwide common worth rose 4.9 cents to a report $4.671. The nationwide common has set information 20 of the previous 23 days.

Copyright 2022, Metropolis Information Service, Inc.