The average price of a gallon of self-serve regular gasoline in San Diego County dropped Monday for the 12th consecutive day, decreasing a half-cent to $2.911.
The average price has dropped 15.2 cents over the past 12 days, including 1.7 cents on Sunday, and is 10.7 cents less than one week ago, according to figures from the AAA and Oil Price Information Service.
However, the average price is 18.1 cents more than one month ago and 40.8 cents higher than one year ago due to a stretch of 20 increases in 21 days that ended Jan. 7 totaling 35.1 cents.
The dropping pump prices are the result of reduced demand and the continuing low price of crude oil, said Jeffrey Spring, the Automobile Club of Southern California’s communications manager.
The price of crude oil accounts for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, vice president, strategic communications, of the Western States Petroleum Association, a trade association representing major oil companies in five Western states.
—City News Service
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