SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose Friday for the eighth consecutive day, increasing 1.1 cents to $3.755.
The average price has increased 7.9 cents over the past eight days, including 1.2 cents on Thursday, according to figures from the AAA and Oil Price Information Service. It is 7.2 cents more than one week ago, but 16.6 less than one month ago and 6.2 cents lower than one year ago.
The rising pump prices are the result of higher crude oil prices, according to Jeffrey Spring of the Automobile Club of Southern California.
"Other parts of the country have been experiencing price increases for a few weeks in response to higher oil prices, and Southern California gas prices are now starting to reflect those increased costs," Spring said.
"Local drivers briefly saw some of the lowest prices of the year last week, but prices are now rising by a penny a day or more in many cities." The rise in crude oil prices have been attributed in part to Middle East tensions.
The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange, which was at an eight-month low of $77.69 on June 28, rose Thursday for the seventh consecutive day, increasing $2.79 to $92.66 -- its highest settlement price since mid-May.
The seven-day streak of increases is the longest since Feb. 24. Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western
states.
The upward trend now under way reversed what had been a stretch of 56 decreases in 57 days, which brought the average retail price of a gallon of unleaded regular in San Diego County down to $3.676 on July 12 -- its lowest amount since Jan. 4.
