Gasoline prices drop for 18th consecutive day

SAN DIEGO (KUSI) – Sunday – The average price of a gallon of self-serve regular gasoline in San Diego County dropped for the 18th consecutive day Sunday, decreasing 1.4 cents to $2.802.   

The average price has dropped 26.1 cents over the past 18 days, including 2 cents on Saturday.   

However, the average price is 35.9 cents higher than one year ago due to a stretch of 20 increases in 21 days that ended January 7 totaling 35.1 cents.   

"We are basically back to ‘normal,’" said Allison Mac, a petroleum analyst with GasBuddy, which bills itself as the nation’s leading provider of retail fuel pricing information and data.   

"Prices started to go up on Dec. 16, 2015, because of the number of refinery issues. Refinery issues affect production, which puts a strain on supply. Prices continued to climb until Jan. 6 (when) refinery issues started to get resolved, leading to (an) increase in production."   

"Additionally, imports started to pick up as well. There is no longer a strain in supply, which is causing prices to drop."

Friday – The average price of a gallon of regular gasoline in San Diego County dropped Friday for the 16th consecutive day, decreasing 2.1 cents to $2.836.

According to figures from the AAA and Oil Price Information Service, the average price has dropped 22.7 cents over the past 16 days, including 1.9 cents on Thursday.

It is 11.8 cents less than one week ago and 1 cent lower than one month ago.

However, the average price is 37 cents higher than one year ago due to a stretch of 20 increases in 21 days that ended Jan. 7 totaling 35.1 cents.

"It’s a bit surprising that Southern California gas prices aren’t falling a lot faster than in the rest of the country, given that there is currently a gap of about $1.70 between Los Angeles wholesale and retail prices when the gap is normally about $1,” said Jeffrey Spring, the Automobile Club of Southern California’s communications manager.

"At this time last year, wholesale prices were about 10 cents higher per gallon than they are now, but retail gasoline price averages were 40 cents lower.”

Categories: KUSI