Uh-oh! Gas prices are on the rise. Late Friday afternoon, January 30, gas prices at three Cardiff by the Sea stations — Valero, Chevron, and USA — shot up six cents a gallon more than the price reported around noon by gasbuddy.com.
Over the past month in Escondido — traditionally the low-price gas leader for San Diego County — several independent stations and chains (Costco, a 76, and three ARCOs) have been engaged in a gas war, posting penny-by-penny fluctuating prices, getting as low as $2.09/gal.
By 8:00 p.m., the Escondido low-priced stations all raised their prices four to nine cents a gallon, according to gasbuddy.com.
Reuters News Service reported the seven-month, nationwide downward spiral in oil prices stopped in late-afternoon trading on January 30. Oil prices surged 8 percent — up $4.00 a barrel. It’s the biggest one-day gain since 2009.
Reuters reported the cause of the price spike as the industry’s reduction of U.S.-based oil rigs, down 7 percent in the past week; and “reports of Islamic State militants striking at Kurdish forces southwest of the oil-rich city of Kirkuk.”
The three stations in the county that are still charging over $3.00/gal. did not raise their prices. But numerous stations around the county hovering in the $2.90 range raised their prices to the $2.99 9/10/gal. threshold.
According to gasbuddy.com, only eight states now report falling gas prices, less than a penny a gallon. The rest of the states were either static or raising. The highest trending rise is in Indiana and South Dakota, both oil-producing states; the average price in Indiana went up 12 cents a gallon in the past few days.
According to the state’s Division of Natural Resources, oil production declined in Indiana by 25,000 barrels — 8.3 percent — between September and October of last year (the last reporting period).