The average price of a gallon of self-serve regular gasoline in San Diego County recorded its smallest increase since February 28th Saturday, rising 1.3 cents to a record high of $5.75.
After increasing by at least 10 cents for three consecutive days and six of seven, the average price rose 2.3 cents Friday, according to figures from the AAA and Oil Price Information Service. It has risen 18 consecutive days, increasing $1.00, setting records each day.
The average price is 53 cents more than one week ago, $1.04 higher than one month ago and $1.89 greater than one year ago.
The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and "encourage other OPEC members to do the same," said Doug Shupe, the Automobile Club of Southern California's corporate communications and programs manager.
After rising to $127.98 on Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world's crude oil.