San Diego County gas prices hit lowest point in months

SAN DIEGO (KUSI) — The average price of a gallon of self-serve regular gasoline in San Diego County dropped to its lowest amount since March 21, decreasing 1.1 cents to $2.729. The average price has dropped 19 consecutive days and 29 of the past 30, decreasing 21.1 cents, including 1.5 cents on Thursday, according to figures from the AAA and Oil Price Information Service released Friday.

The average price is 7.5 cents less than a week ago, 21.1 cents lower than one month ago and $1.171 below what it was one year ago. The average price dropped 10 consecutive days, was unchanged July 17, then resumed dropping on July 18.

"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," said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.

"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."

A six-cent increase in wholesale prices this week could mean dropping prices will end soon, according to Spring.

Categories: Local San Diego News