Gas prices dropping, but still close to $3

Posted at 5:03 AM, Jan 22, 2016
and last updated 2016-01-22 08:03:52-05

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

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