SAN DIEGO — Gas prices continue to increase across San Diego County and the average price for a gallon of regular unleaded gas shot up more than nine cents from Friday to Saturday, which is the biggest overnight spike in more than four years.
The average price of gas has risen 26.7 cents since Sept. 17, including 6.7 cents Sept. 18, its largest increase since July 14, 2015, according to figures from the AAA and Oil Price Information Service.
The average price is 16 cents more than one week ago, 33.8 cents higher than one month ago and 20 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen 57.5 cents since the start of the year.
Economics professor at University of San Diego Alan Gin said the price of gas will top four dollars and at some gas stations in Kearny Mesa and Mission Valley, drivers are already paying up to $4.29 a gallon.
"The California Energy Commission reported (Wednesday) that the state's unleaded gasoline inventories are down 21% from the previous week, refinery production of unleaded fuel is down by 18% and West Coast gasoline inventories are at their lowest level since early May," said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
Analysts point to the attacks on Saudi Arabian oil facilities earlier in the month as the trigger to the recent rise, but recent production problems at two area oil refineries are also playing a role.
"Unplanned maintenance issues at the Chevron and Marathon refineries in Los Angeles County are the primary reason. Also, Oil Price Information Service reports that Southern California received no imported gasoline in the last week. These factors are continuing the spike that began after the attacks on Saudi Arabia's oil infrastructure earlier this month."
Professor Gin estimates that for every penny the price of gallon of fuel goes up, it drains a million dollars out of the local economy every month. The six cent jump drivers saw in the last day can end up costing $6 million from the local economy, according to Professor Gin.