The average price of a gallon of self-serve regular gasoline in San Diego County fell today for the 52nd time in 53 days, dropping six-tenths of a cent to $3.69, its lowest amount since Jan. 5.
The average price is 4.3 cents less than one week ago, 44.9 cents lower than one month ago and 6.3 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.
The average price has decreased 69.2 cents over the past 53 days, including six-tenths of a cent each of the past four days.
The drop in prices is the result of lower crude oil prices, according to Jeffrey Spring of the Automobile Club of Southern California.
The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange fell to an eight-month low of $77.69 on June 28, then rose to $87.66 Tuesday, but fell 44 cents and $2.77 each of the next two trading days, settling at $84.45 Friday.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.
– City News Service
Some consumer advocates say oil companies are overcharging customers by $2 billion a year because they don't adjust their pumps when gasoline expands during the higher summer temperatures. http://www.youtube.com/watch?v=8C11Y1b7K5c