San Diego County gasoline price rises again - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego County gasoline price rises again, reaches highest since August 2008

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SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County rose Monday for the 12th time in 13 days, increasing four-tenths of a cent to $4.064, the highest since Aug. 10, 2008.

The average price is 3.4 cents higher than a week ago, 19.5 cents above what it was one month ago and 96.1 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.

The average price is 56.6 cents less than the record high of $4.63 set on June 19, 2008.

The average price rose eight consecutive days, was unchanged Thursday, then rose seven-tenths of a cent on Friday and eight-tenths of a cent both Saturday and Sunday.

The higher gasoline prices are the result of rising crude oil prices as the fighting in Libya and unrest in the Middle East continue to raise doubts about future supplies.

The price of a barrel of benchmark light sweet crude for May delivery rose to $108.78, the most since September 2008, in early trading today on the New York Mercantile Exchange, then fell to $108.13 in afternoon trading.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

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