The average price of a gallon of self-serve regular gasoline in San Diego County recorded its largest increase since Oct. 31 Wednesday, rising 7 cents to $4.807, its highest amount since Nov. 23.

The average price has increased 14 consecutive days, rising 20 cents, including 3.9 cents on Tuesday, according to figures from the AAA and Oil Price Information Service. It is 14.1 cents more than one week ago, 30.7 cents higher than one month ago and 5.4 cents greater than one year ago.

The national average price is 22.3 cents more than one week ago, 31.1 cents higher than one month ago and 9.9 cents greater than one year ago.

The increase comes as the escalating conflict in the Middle East, particularly involving Iran, drives up global oil prices. According to Dr. Alan Gin, an economics professor at the University of San Diego, since the conflict began, crude oil prices have increased by about $10 per barrel.

“If you look at the normal relationship between the price of oil and the price of gasoline, that could translate into about a 25-cent-a-gallon increase in the price of gasoline,” Gin said.

A key concern in global oil markets is the Strait of Hormuz, a narrow waterway next to Iran through which roughly 20% of the world’s oil supply is transported.

Crude oil is a primary ingredient in gasoline, jet fuel and diesel. Because of ongoing attacks and the potential for retaliation, some shipping companies are reassessing routes amid safety concerns.

Gin says that disruption is already affecting supply.

“The tankers are having trouble getting insurance going through there, so the flow of oil has been curtailed,” he said.

Higher oil prices can have broader consequences beyond the gas pump. Increased diesel costs raise shipping expenses, which can push up the price of goods and contribute to inflation.

Economists say the key question now is how long the conflict will last. If tensions ease, markets and oil prices could stabilize, but if the conflict drags on, San Diegans may continue to feel the ripple effects.

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