The seventh increase in eight days pushed the average price of a gallon of self-serve regular gasoline in San Diego County to its highest amount since Oct. 17, 2008 today.
The increase of seven-tenths of a cent boosted the price to $3.332, 4.3 cents more than a week ago, 18.6 cents more than a month ago and 37.8 cents more than this time last year, according to figures from the AAA and Oil Price Information Service.
The average price rose seven-tenths of a cent Dec. 22; nine-tenths of a cent last Thursday; 1.2 cents on Friday; 1 cent Saturday; seven-tenths of a cent Sunday; fell six-tenths of a cent Monday; rose seven-tenths of a cent Tuesday; and six-tenths of a cent Wednesday.
Analysts attribute the higher prices to increasing crude oil prices.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, vice president of strategic communications for the Western States Petroleum Association, a trade association representing oil companies in six western states.
Analysts say the higher oil prices are the result of anticipated increased demand because of an improved economy, demonstrated by five consecutive months of increased consumer spending.
The price of a barrel of benchmark crude on the New York Mercantile Exchange settled at its highest point since Oct. 3, 2008 last Thursday, $91.51. The price settled at $91.12 Wednesday.
