Average gas price rises to highest amount since 2012

Local

SAN DIEGO (CNS) – The average price of a gallon of self-serve regular gasoline in San Diego County rose a half-cent Wednesday to $4.395 after increasing by two-tenths of a cent or less or being unchanged for five consecutive days.

The average price is at its highest amount since Oct. 23, 2012, according to figures from the AAA and Oil Price Information Service. It is 1.7 cents more than one week ago, 4.7 cents higher than one month ago and $1.212 greater than one year ago.

“The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump,” said Andrew Gross, a AAA public relations manager.

“And last week’s decision by OPEC and its oil-producing allies to not increase production further only exacerbated the upward momentum for crude oil prices.”

The price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange rose 12 cents Tuesday to $80.64, its highest amount since 2014, $80.52.

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