The average price of a gallon of self-serve regular gasoline in San Diego County rose Wednesday to its highest amount since April 25, 2024, increasing 4.2 cents to $5.359.
The average price has risen 21 consecutive days, increasing 75.2 cents, including 8.5 cents on Tuesday, according to figures from the AAA and Oil Price Information Service. It is 55.2 cents more than one week ago, 78.3 cents higher than one month ago and 66.3 cents greater than one year ago.
Despite the recent increases, the average price is $1.076 less than the record $6.435 set on Oct. 5, 2022.
In California, drivers were paying $5.34. Some of California’s refineries have shut down in recent years, so the massive state relies on imports of gasoline and other refined products from Asia.
By contrast, the average price in Louisiana, which has oil production and refineries, was $3.20.
The spike in oil prices is likely to further push up gasoline prices, and could be felt more significantly in Asia and Europe, which are more dependent on Middle Eastern oil and gas than the United States.
Gasoline prices climbing nationally
The national average price rose to its highest amount since May 28, 2024, increasing 3.9 cents to $3.578. It has risen 11 consecutive days, increasing 59.6 cents, including 6.1 cents on Tuesday.
That national average price is 38 cents more than one week ago, 64.1 cents higher than one month ago and 49.7 cents greater than one year ago. It is $1.438 less than the record $5.016 set on June 14, 2022.
IEA countries agree to release 400 million barrels of oil, but it didn’t bring down prices
On Wednesday, the International Energy Agency said that member countries had unanimously agreed to release 400 million barrels of oil from their reserves in a bid to ease prices that are soaring due to the Iran war.
Following the IEA announcement, U.S. crude oil prices briefly fell to lows of the day, on news of the potential for fresh supply. But they quickly climbed higher, passing $88 per barrel around midday.
The market moves Wednesday are a sign of real concerns about a more protracted conflict, despite President Donald Trump‘s assurances this week that the U.S.-Israeli war in Iran would be over soon.
The agency did not set out a definitive timeline for when the release — the largest ever by IEA nations — would begin. “The IEA Secretariat will provide further details of how this collective action will be implemented in due course,” a statement said.
Oil on Sunday hit $100 per barrel for the first time since July 2022 after a record 35% jump last week. In addition to surging oil prices, U.S. retail gas prices also soared to a national average of more than $3.450 per gallon.
“Oil down 7.3% this morning to $87.90 — this could act to greatly throttle back gas price increases,” Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, wrote on social media Tuesday morning.
The Strait of Hormuz, off southern Iran — through which 20% of world’s oil passes — remains essentially impassible for most oil and liquefied natural gas tankers as they try to reach the global market.
Associated Press and NBC News contributed to this report.