San Diego County gasoline price falls slightly

SAN DIEGO (CNS) – The average price of a gallon of self-serve regular gasoline in San Diego County fell one-tenth of a cent Thursday to $3.981 after increasing 41 times in 43 days.

The average price is 2.6 cents higher than a week ago, 47.9 cents above what it was one month ago and 90.1 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.

The average price had risen to its highest amount since Aug. 17, 2008.

The end of the streak of increasing gasoline prices follows decreases in domestic crude oil prices.

The price of a barrel of benchmark crude on the New York Mercantile Exchange fell $4 to $97.18 Tuesday because of the possibility of falling demand from Japan following a devastating earthquake and tsunami, but rose 80 cents Wednesday to $97.98 in response to fears that unrest in Bahrain could interrupt oil production in neighboring Saudi Arabia.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

Categories: KUSI