Prices at the pump across the San Diego area are surging as the Labor Day weekend approaches.<\/p>\n
The average price for a gallon of regular on Thursday rose to $5.90, an increase of 15 cents in the past week, according to AAA of Southern California<\/a>. The acceleration has been even more dramatic for diesel fuel, with the price rising 37 cents in the past seven days to hit $7.56 per gallon on Thursday.<\/p>\n \u201cThe price of oil has gone into overdrive and the price of gasoline and diesel has gone into overdrive the last few days,\u201d said\u00a0Patrick DeHaan, head of petroleum analysis at GasBuddy<\/a>. \u201cWe\u2019ve got some new escalations between the U.S. and Iran and continued Ukrainian attacks on Russian oil refineries. So it\u2019s kind of back to the races here.\u201d<\/p>\n In the most recent escalation in the Middle East<\/a>, U.S. airstrikes hit Iran on Tuesday, with Iranian forces responding with attacks on American assets in Bahrain, Jordan and Iraq. On Thursday, Iran fired another round of missiles and drones on Kuwait.<\/p>\n Now into its sixth month, the war has sent prices soaring because of clogged traffic in the the Strait of Hormuz, where 20% of the world\u2019s oil exports normally pass through<\/a>.<\/p>\n Before President Donald Trump initiated airstrikes accompanied by forces from Israel on Feb. 28, the average price for a gallon of regular in San Diego was $4.69, or $1.21 less than Thursday. The price for diesel just prior to hostilities was $5.03, or $2.53 cheaper than Thursday\u2019s per-gallon average.<\/p>\n The all-time high for gas prices in San Diego came on Oct. 5, 2022, when the average for regular soared to $6.43 per gallon. The record price for diesel occurred earlier this year, on April 8, when it reached $7.72.<\/p>\n While most drivers focus on gas prices, the cost of diesel has a crucial impact on the financial system.<\/p>\n Fuel analysts often say, \u201cThe economy runs on diesel,\u201d because because trucks and ships that deliver goods to markets and food to grocery stores run on diesel fuel. When transportation costs increase, they are passed on to consumers and contribute to inflation. Agricultural machinery also relies on diesel.<\/p>\n According to GasBuddy data<\/a>, the nationwide average for diesel hit a record high of $5.82 per gallon on Thursday.<\/p>\n \u201cGeopolitical tensions are just too much for us to expect prices to come down anytime soon,\u201d DeHaan said.<\/p>\n Supplies have been further stretched as fighting between Russia and Ukraine intensifies.<\/p>\n Russia used to export as much as 1 million barrels per day<\/a> of diesel and other petroleum products but a series of drone attacks on Russian refineries led the Kremlin to ban international sales through January, and the two sides ramped up attacks this week<\/a>.<\/p>\n Crude oil futures surpassed $90 a barrel<\/a> this week \u2014 for Brent, the international benchmark price, as well as West Texas Intermediate, the domestic benchmark. Those increases have put greater upward pressure on diesel and gasoline prices at the pump, with U.S. refineries already running at almost 100% capacity<\/a>.<\/p>\n \u201cEven though gasoline demand decreases this time of year, typically bringing down gas prices, this year is different due to the high cost of crude oil,\u201d AAA\u2019s national headquarters said<\/a> Thursday. The organization predicts travelers across the country will face the highest-ever Labor Day weekend prices.<\/p>\n The national average for regular came to $4.14 on Thursday, up 5 cents per gallon compared to one week ago.<\/p>\n Among individual states, California had the highest average price of $5.78 per gallon, followed by Washington ($5.47) and Hawaii ($5.41).<\/p>\n \u201cUnfortunately, drivers are going to pay more for gas this year compared to last year,\u201d said Anlleyn Venegas, public affairs specialist for AAA of Southern California.<\/p>\n The Auto Club estimates drivers in the area can expect to spend about $18 to $24 more<\/a> to fill up their tanks this weekend, compared to Labor Day of 2025.<\/p>\n \u201cEven with higher gas prices, it\u2019s just cheaper to drive than to fly at this point,\u201d Venegas said.<\/p>\n To soften some of the financial pain at the pump, Venegas recommends drivers properly inflate their tires, avoid jackrabbit starts and resist driving too fast to maximize fuel efficiency. Taking advantage of membership cards from grocery stores and outlets such as Vons and Costco that offer discounts at gas stations can help, too.<\/p>\n \u201cWe\u2019re also encouraging drivers to have cash in their wallets,\u201d Venegas said. \u201cMany gas stations charge a lower cash price because they avoid credit card processing fees. The differences can range from 5 to 20 cents per gallon, sometimes more.\u201d<\/p>\n Perhaps the single biggest strategy is simply shopping for the least expensive gas, given that typically there\u2019s a wide range in prices from one station to another in California.<\/p>\n Earlier this week, the Trump administration announced an agreement with Venezuela<\/a> to secure U.S. majority control of billions of barrels of proven oil reserves in Venezuela, with an eye on boosting domestic oil supplies. But even if that volume comes to fruition, it will not have a short-term effect on prices.<\/p>\n U.S. Energy Secretary Chris Wright said oil production from Venezuela is currently at 1.2 million barrels a day. \u201cI think we\u2019ll be well over a million and a half barrels a day by the first half of next year,\u201d Wright told CNBC<\/a>. \u201cAnd Venezuelan production will be over 2 million barrels a day by the end of this decade.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Prices at the pump across the San Diego area are surging as the Labor Day weekend approaches. 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