SAN DIEGO, Calif. (KGTV) — This week the average price of a gallon of regular gas dipped below the $6 mark in San Diego County after a month of increases at the pump.
The average price of a gallon of regular gasoline dropped about 2.4 cents Saturday, bringing the price to $5.946, according to AAA.
Doug Shupe, a spokesperson for the Automobile Club of Southern California says news of imported gasoline and gasoline components arriving here in Southern California - to refill local supplies, started pushing down wholesale prices this week, which in turn led to lower gas prices.
“Right now drivers in San Diego are paying $5.95 for a gallon of regular unleaded, that is two cents less than yesterday, it's 6 cents less than a week ago,” said Shupe.
He said what drivers are paying now is still considerably higher than a month ago, and especially a year ago.
“Our average in San Diego County is now $1.05 higher than a month ago, and $1.99 higher than a year ago at this time,” he said.
It’s unclear if these prices will continue to move in a downward trend or just rise back up.
“The cost of crude oil makes up about 50 to 60 percent of the price that we pay for a gallon or regular unleaded at the pump,” he said. “If there is continued tension, and the war continues between Russia and Ukraine, causing upward pressure on the prices, we don't know how this is all going to shake out.”
President Joe Biden also recently announced the release of oil from the country's strategic petroleum reserve, which is expected to lead to lower prices nationwide.
“The President's announcement this week will be something that we're all going to be watching for, whether that’s going to make a significant impact on our prices,” he said.