Gas prices hit lowest point to end a year since 2008

SAN DIEGO (CNS) – The average price of a gallon of self-serve regular gasoline in San Diego County dropped 1.5 cents this week to $2.628, the lowest to end a year since 2008.

The average price has decreased 31 consecutive days and 89 of the past 90, dropping $1.075, including nine-tenths of a cent on Tuesday, according to figures from the AAA and Oil Price Information Service.

The average price is at its lowest amount since May 22, 2009, and 6.9 cents less than one week ago, 43.8 cents lower than one month ago and $1.055 below what it was one year ago.

The declining prices are the result of low oil prices and refineries continuing to maximize production, Marie Montgomery of the Automobile Club of Southern California told City News Service.

Gasoline will be covered under the Cap-and-Trade Program beginning Thursday, but “we’re fairly certain for the near future that gas prices will at least stay stable, since wholesale prices continue to be more than $1 below what most gas stations are charging for regular unleaded,” said Jeffrey Spring, the corporate communications manager of the Automobile Club of Southern California.

The Cap-and-Trade Program requires fuel suppliers to reduce greenhouse gas emissions by supplying low-carbon fuels or purchasing pollution permits to cover the greenhouse gases produced when the conventional petroleum-based fuel they supply is burned.

The program is among the provisions of the Global Warming Solutions Act of 2006, approved by the Legislature and signed into law by then-Gov. Arnold Schwarzenegger.

Categories: KUSI