The price of regular self-serve gasoline dropped for the 55th consecutive day in San Diego County to $5.404 and at a national level, prices dropped below the $4 threshold at $3.99 on Tuesday for the first time since early March, according to Gas Buddy.
The price in San Diego County has decreased 96.9 cents since rising to a record $6.373 on June 15, including 1 cent Monday, according to figures from the AAA and the Oil Price Information Service is 15 cents less than one week ago and 68.6 cents lower than one month ago, but $1.053 more than one year ago.
According to the fuel-saving platform Gas Buddy, gas prices nationwide have declined by over $1 per gallon since peaking at $5.03 on June 14, fueled by falling oil prices over the last month. Experts estimate that Americans today will spend nearly $400 million less on gasoline than they did in mid-June.
“We've never seen anything like 2022 at the pump, highlighted by once-in-a-lifetime events including the ongoing COVID-19 pandemic, which caused myriad imbalances, exacerbated by Russia’s war on Ukraine. As a result, we’ve seen gas prices behave in ways never witnessed before, jumping from $3 to $5 and now back to $3.99,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “While the recent drop in gas prices has been most welcomed, the issues that led to skyrocketing prices aren’t completely put to bed, and still could lead prices to eventually climb back up, should something unexpected develop.”
Experts at the American Automobile Association attribute the steadily falling gas prices during the peak of the summer driving season to change driving habits. A new survey shows that almost two-thirds of U.S. adults have changed their habits or lifestyle since March.
The survey also found that drivers’ top two changes to offset high gas prices are driving less and combining errands.
“Oil is the primary ingredient in gasoline, so less expensive oil is helpful in taming pump prices,” said Andrew Gross, AAA spokesperson. “Couple that with fewer drivers fueling up, and you have a recipe for gas prices to keep easing."