Gas pump
Gas pump. Photo credit: Alexander Nguyen

The average price of a gallon of self-serve regular gasoline in San Diego County dropped Saturday for the fifth consecutive day, decreasing seven-tenths of a cent to $4.645.

The average price has dropped 2.5 cents over the past five days, including three-tenths of a cent Friday, according to figures from the AAA and Oil Price Information Service. A 19-day streak of increases totaling 12.5 cents that boosted the average price to its highest amount since Oct. 12, 2012, ended Monday when it was unchanged.

The average price is 2.4 cents less than one week ago, but 10.1 cents more than one month ago and $1.489 higher than one year ago.

The declining pump prices are the result of a significant drop in the price of crude oil and “because this is traditionally the time of year with the lowest demand,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.

The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has dropped 21.72% from its 52-week high of $84.65 hit Oct. 26, 2021, to $66.26 Friday.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.

–City News Service