SAN DIEGO—The average price of a gallon of self-serve regular gasoline in San Diego County rose Oct. 5 to its highest amount since Oct. 23, 2012, with further increases expected.
The average price rose eight-tenths of a cent to $4.372, one day after increasing three-tenths of a cent, according to figures from the AAA and Oil Price Information Service. It is 2.1 cents more than one week and one month ago and $1.183 higher than one year ago.
The average price has risen $1.145 since the start of the year because of higher oil prices and increased demand for gasoline following the end of pandemic-related restrictions.
The Organization of the Petroleum Exporting Countries and a Russia-led group of oil producers agreed Monday to maintain its schedule of increasing oil production by 400,000 barrels a day each month. With the end of the possibility of doubling the increase to 800,000 barrels a day, the price of a barrel of West Texas intermediate crude rose on the New York Mercantile Exchange to $77.62 per barrel, its highest amount since 2014.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
San Diego County’s record gas price is $4.725 set on Oct. 8, 2012.