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SAN DIEGO – The average price of a gallon of gas in San Diego County rose 1.9 cents on Friday to just under $ 4.60, making local gas prices the highest since October 2012.
That news comes a day after the region posted its largest daily surge since Feb.25 – 2.4 cents.
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The new $ 4.596 average (for regular self-service gas) is about 5 cents more than a week ago, 20.6 cents more than a month ago, and $ 1.45 more than before, according to the AAA and the Oil Price Information Service a year.
The average cost of gas across the country is higher than what San Diego residents are currently paying at the pump: $ 4.658. It’s added about three cents this week.
At the national level, gas prices have actually fallen on average this week, although analysts note that prices remain quite high. According to GasBuddy experts, high prices can be attributed to various factors.
As the world recovers from the pandemic and starts moving again, a surge in demand for crude oil has outpaced supply, driving prices around the barrel up. These costs are then passed on to the customers at the pump.
The federal government has only limited options to directly influence the price of gasoline for customers. President Joe Biden has urged OPEC – the governing body for 13 oil-producing countries that supply most of the world’s supply – and Russia to “pump more oil” and balance the supply to meet rising demand.
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These nations have “increased production at a slower,” cautious “pace rather than on the schedule Biden requested,” says De Haan.
As a recent Poynter analysis points out, the president could potentially ramp up production at home, although this clashes with his stated domestic environmental goals and those of his party. Neither can US producers ramp up production as fast as OPEC, even if they choose to.
“Increasing domestic production is not a political decision. It’s a private sector response, ”James H. Stock, professor of political economy at Harvard University, told Poynter.
With this in mind, analysts do not expect a major change in the near future.
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“With President Biden still considering options to push gas prices down, we may still see some volatility in oil prices,” said Patrick De Haan, head of petroleum research at GasBuddy. “I don’t see a big decrease or increase in the run-up to Thanksgiving immediately, but US gas demand remains strong.”
De Haan added that so far there is no clear evidence that high prices are significantly curbing the amount of fuel people buy.
The city intelligence service contributed to this report.
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