Gas prices across county spike to highest amounts in two years - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Gas prices across county spike to highest amounts in two years

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SAN DIEGO (CNS) - A five-day streak of increases that pushed the average price of a gallon of self-serve regular gasoline in San Diego County to its highest amount since Oct. 14, 2008 ended Monday with a decrease of two-tenths of a cent to $3.395.

Despite the slight decrease, the average price is 5.1 cents more than a week ago, 4 cents higher than one month ago and 41.5 cents above what it was one year ago, according to figures from the AAA and Oil Price Information Service.

The average price rose 2 cents Wednesday, 1.4 cents Thursday, 1.3 cents Friday, nine-tenths of a cent Saturday and seven-tenths of a cent Sunday.

Analysts cited high oil prices as the reason for the rising gasoline 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.

The price of a barrel of West Texas Intermediate crude for March delivery on the New York Mercantile Exchange fell 37 cents in late-morning trading Monday to $88.66.

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