Economy

Average Gas Price in San Diego County Eclipses $5 A Gallon For First Time in History

Written by Sasha Reva

Who knew that after the Presidential election in 2020, gas prices would increase so much. San Diego gas prices passed $5 on average for the first time in history. California is one of the most expensive states and prices on everything keeps on growing due to inflation. 

 AAA officially recorded that there was a 13 cent increase in one day in the average price in California. The average price in California is now $5.07 per gallon. There are currently lots of reasons for gas prices and the main one is the Russian invasion of Ukraine. The national average increased by 11 cents since Monday.

“Crude prices continue to surge as the conflict between Ukraine and Russia continues to bring uncertainty to the market. To help counter the impact of rising oil prices, the International Energy Agency (IEA) has coordinated a release of 60 million bbl of crude oil from its 31 member countries’ strategic reserves, including the U.S.,” from a blog post by AAA.

“However, the pricing impact from yesterday’s announcement has been limited given that the amount of oil is small in comparison to the amount of oil that flows daily from Russia around the globe.”

California is also one of the states that has a Cap-and-Trade program that requires big greenhouse gas emitters to offset their emissions by purchasing carbon credit. California also requires certain blends of gasoline to lessen pollution, which are more expensive. 

Based on the data from Google, last week, “Costco gas price” and “Gasbuddy” were among the top gasoline-related search terms that San Diego residents typed. We need to figure a way out to lower the gas prices and fix the inflation. 

Photo Cred: AP/ USA Today