Prices continue to drop at the pump

Posted at 7:11 AM, Jan 20, 2016
and last updated 2016-01-20 10:11:36-05

The average price of a gallon of self-serve regular gasoline in San Diego County dropped Wednesday for the 14th consecutive day, decreasing 1.6 cents to $2.876.

The average price has dropped 18.7 cents over the past 14 days, including 1.9 cents on Tuesday, and is 11.5 cents less than one week ago, according to figures from the AAA and Oil Price Information Service.

However, the average price is 7 cents more than one month ago and 39.1 cents higher than one year ago due to a stretch of 20 increases in 21 days that ended Jan. 7 totaling 35.1 cents.

The dropping pump prices are the result of reduced demand and the continuing low price of crude oil, said Jeffrey Spring, the Automobile Club of Southern California's communications manager.

The price of crude oil accounts for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, vice president, strategic communications, of the Western States Petroleum Association, a trade
association representing major oil companies in five Western states.