Gas Prices Slipping Slowly After Steep Rise

The average price of a gallon of self-serve regular gasoline dropped 1.7 cents by Sunday to $4.65, the sixth consecutive decline following a six-day streak of increases.

The average price has dropped 7.4 cents in San Diego County over the past six days, including 2 cents on Saturday, after rising 54.7 cents over the previous six days to a record high of $4.725, according to figures from the AAA and Oil Price Information Service.

Coronado's prices have remained at or above $5.00 over the same period.

The average price is 6.2 cents less than one week ago, but 50.4 cents more than one month ago and 80.3 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service.

“Significant price drops” are not expected until “after gas stations are able to sell off the expensive fuel they bought” when wholesale prices skyrocketed amid concerns about the adequacy of California fuel supplies.

That followed the Oct. 1 power failure at the ExxonMobil Torrance Refinery and the closure of a Chevron pipeline that moves crude oil to Northern California, said Jeffrey Spring of the Automobile Club of Southern California.

– City News Service