by Photo via Unsplash

The average price of a gallon of self-serve regular gasoline in San Diego County dropped today to its lowest amount since Feb. 15,
nine days before Russia's invasion of Ukraine sent shock waves through the oil market that led to record highs.

The average price dropped 5.1 cents Wednesday to $4.717, its 26th consecutive decrease and 59th in 63 days since rising to a record $6.435 on Oct. 5, according to figures from the AAA and the Oil Price Information Service.

The average price has fallen $1.718 over the past 63 days, including 5.1 cents Tuesday. It is 26.1 cents less than one week ago and 78.4 cents lower than one month ago, but 7.7 cents more than one year ago.

"Gas prices are dropping sharply,'' said Andrew Gross, an AAA national public relations manager. "But with oil being the main ingredient in gasoline, OPEC+'s move could slow this decline. However, the gas price will likely soon be lower than it was a year ago.''

OPCE+, a group of nations that allied with OPEC to cut production in order to boost oil prices beginning in 2016, announced plans Sunday to stick to its oil production cuts rather than taking steps to take more supply offline.

The national average price dropped for the 28th consecutive day, decreasing 2.5 cents to $3.355. It is 14 cents less than one week ago and 44.9 cents lower than one month ago, but six-tenths of a cent more than one year ago.

The national average price has dropped 45 cents over the past 28 days, including 2.3 cents Tuesday. It is $1.661 lower than the record $5.016 set June 14.

Leave a comment

Your email address will not be published. Required fields are marked *