San Diego's gas prices up 60 cents in a week amid oil disruption from war
San Diego County’s average gas price was up nearly 60 cents in a week Tuesday amid a surge in oil prices as a result of the U.S-Israeli war in Iran.
The average price of a gallon of self-serve regular gasoline in San Diego County rose Tuesday to its highest amount since May 4, 2024, increasing 8.5 cents to $5.317.
The average price has risen for 20 consecutive days, increasing 71 cents, including 2.4 cents on Monday, according to figures from the AAA and Oil Price Information Service. It is 58 cents more than one week ago, 75.5 cents higher than one month ago and 60.8 cents greater than one year ago.
Oil on Sunday hit $100 per barrel for the first time since July 2022 after a record 35% jump last week. In addition to surging oil prices, U.S. retail gas prices also soared to a national average of more than $3.450 per gallon.
“Oil down 7.3% this morning to $87.90 — this could act to greatly throttle back gas price increases,” Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, wrote on social media Tuesday morning.
The Strait of Hormuz, off southern Iran — through which 20% of world’s oil passes — remains essentially impassible for most oil and liquefied natural gas tankers as they try to reach the global market.
Despite the recent increases, San Diego’s average price is $1.118 less than the record $6.435 set on Oct. 5, 2022.
The national average price rose to its highest amount since July 11, 2024, increasing 6.1 cents to $3.539. It has risen 10 consecutive days, increasing 55.7 cents, including 2.8 cents on Monday.
The national average price is 43 cents more than one week ago, 61.8 cents higher than one month ago and 45 cents greater than one year ago. It is $1.477 less than the record $5.016 set on June 14, 2022.
Associated Press and NBC News contributed to this report.
