San Diego gas prices increase sharply amid war in Iran
San Diego County gas prices have increased 11 cents in the last two days as escalations in the Middle East impact oil prices, according to AAA.
The average price of a gallon of self-serve regular gasoline in San Diego County increased 11 cents to $4.807 Wednesday, its largest increase since Oct. 31. It’s the highest amount since Nov. 23, according to figures from the AAA and Oil Price Information Service.
Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.
The average price has increased 14 consecutive days, rising 20 cents, including 3.9 cents on Tuesday, according to figures from the AAA and Oil Price Information Service. It is 14.1 cents more than one week ago, 30.7 cents higher than one month ago and 5.4 cents greater than one year ago.
The average price has dropped $1.628 since rising to a record $6.435 on Oct. 5, 2022.
The national average price rose 8.9 cents to $3.198, its highest amount since Sept. 19. It has risen four consecutive days, increasing 21.6 cents, including 11.2 cents on Tuesday.
The national average price is 22.3 cents more than one week ago, 31.1 cents higher than one month ago and 9.9 cents greater than one year ago. It has dropped $1.818 since rising to a record $5.016 on June 14, 2022.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
Iran has also struck energy facilities in Qatar and Saudi Arabia, and disrupted tanker traffic through the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all oil traded passes, sending global oil and natural gas prices soaring.
Benchmark U.S. crude jumped 8.6% to $77.36 a barrel.
Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
The price of crude is the single largest factor in how much U.S. drivers pay for fuel. And higher oil prices are usually felt at the pump within a couple of weeks at most.
Crude price increases are substantially reflected in pump prices in 20 days and a $10 per barrel increase typically results in a rise of around 25 cents per gallon, according to 2019 research by the Federal Reserve Bank of Dallas.
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