Gasoline prices continue steady decrease

SAN DIEGO (KUSI) — The average price of a gallon of self-serve regular gasoline in San Diego County dropped Sunday for the 21st consecutive day, decreasing .5 cent to $2.716.

The average price is 6.5 cents less than a week ago, 22.2 cents lower than one month ago and $1.111 below what it was one year ago, according to figures from the AAA and Oil Price Information Service.

A six-cent increase in wholesale prices last week could mean dropping prices will end soon, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.

"Large inventories and strong production from local refineries have pushed wholesale and retail prices lower for many weeks, creating about a $1.40 gap between wholesale and retail, a gap that should be narrower looking at historical trends,” Spring said.

"However, experts are calling the current situation a temporary supply glut which will correct itself over the next few weeks because of continued strong demand.”

Categories: Local San Diego News