Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Watch Live

Economy

San Diego Gas Prices Accelerate Upward

Bert Van Dijk
San Diego Gas Prices Accelerate Upward
San Diego gas prices continue their two week surge Wednesday with the average price up another three cents a gallon overnight.

The average price of a gallon of regular stands at $4.11. The Utility Consumer's Action Network track prices at local stations and said that's up sharply from the price a week ago.

The rate of acceleration in the price of fuel is rare. A nickel a week change used to be considered a big move in prices.

"Eight cents in a week is a huge major move," said Charles Langley, a consumer advocate for UCAN. "We've seen 20 cents in a week. So this is a massive price spike. Normally, we rarely see prices move more than 10 cents over a one week period."

Advertisement

The price hikes have not moderated in the past two weeks. The price went up an average of two cents a gallon in the past 10 days. Oil prices near $120 dollars a barrel are playing a part.

"Even when prices went up to $4.64 a gallon the price of oil was at $147 a barrel, which is probably an artificially high price," said Langley. "You can buy olive oil, which you can run your diesel truck on splendidly, for less than $150 a barrel."

Prices will probably peak before they set a new record, according to Langley, but if there's an international incident that spikes oil prices, the record could fall.