Gas prices unchanged, but a drop could be coming
SAN DIEGO (KUSI) —Although gasoline prices in San Diego remained unchanged today, an expected increase in supply could lead to a drop in prices.
Customarily, an increase in gasoline supply leads to a drop in prices, but oil prices are increasing according to Jeffry Spring, the Automobile Club of Southern California’s corporate communications manager.
“The ExxonMobil refinery is expected to begin its restart process in mid- to late-April after being approved on April 2 to resume operations following testing,” Spring said.
But recently, worldwide oil prices have climbed. In January oil prices were at their lowest point since 2003 at $26 a barrel; Wednesday, oil prices were $41 a barrel. In Los Angeles, wholesale prices have risen by 30 cents after dropping 30 cents earlier in April.
The price of crude oil accounts for two-thirds to three-quarters of the price of a gallon of gas, said Tupper Hull, vice president of strategic communications of the Western States Petroleum Association.
The average price of a gallon of self-serve regular gasoline in San Diego County was unchanged Friday—remaining at $2.806 after dropping one-tenth of a cent Thursday. The price is 1.2 cents lower than a week ago, 30.6 cents lower than a year ago, but 13.6 cents higher than a month ago, according to figures from the AAA and Oil Price Information Service.