Oil Shock: Gas Prices Top 2008 Levels

The average price of a gallon of self-serve regular gasoline in Orange County rose 3.5 cents today to $3.694, its highest amount since Sept. 19, 2008.

That average price is 15.7 cents more than a week ago, 34.8 cents higher than one month ago and 72 cents above what it was one year ago,  according to figures from the AAA and Oil Price Information Service.

The Orange County average price has also increased 24 of the last 25 days, including 6.3 cents Friday.

"Continued Middle East tension has pushed oil prices to levels not seen since 2008, which was the only other year prices were this high,'' said Jeffrey Spring of the Automobile Club of Southern California.

The price of a barrel of Brent crude oil, which is used to price the imported oil used by California refineries, on the ICE Futures exchange in London rose 72 cents Friday to $112.14.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, vice president of strategic communications for the Western States Petroleum Association, a trade association representing oil companies in six western states.

The stations currently selling the cheapest gas in Newport Beach are listed below. Local prices are according to GasBuddy.com and reflect prices reported within the last 12 hours.