Gas prices edge downward as OPEC talks supply cuts
SAN DIEGO — The average price of a gallon of self-serve regular gasoline in San Diego County dropped Wednesday. Local prices are at their lowest since Sept. 6, decreasing seven-tenths of a cent to $2.72/gallon, as OPEC ministers meet in Vienna to cut a prodcution deal aimed at increasing crude oil prices.
The average price has dropped 21 of the past 22 days, decreasing 15.2 cents, including four-tenths of a cent on Tuesday, according to figures from the AAA and Oil Price Information Service.
Meanwhile in Vienna, Austria, an OPEC ministers meeting is showing signs of agreement following tense negotiations for member countries to cut production. Cutting production would prop-up the sagging global price of crude oil, increasing gas prices locally in the near future. The price of Brent North Sea Crude oil trading jumped 8.7% in early Wednesday trading. OPEC members in Iran, Iraq, Saudi Arabia and Russia have alligned to curb production, with a possible deal that could be announced Wednesday.
The average price of local San Diego gas prices have dropped for 18 consecutive days, was unchanged on Sunday and resumed dropping on Monday.
The average price is 2.9 cents less than one week ago, 11.4 cents lower than one month ago and 2.5 cents below what it was one year ago.
CHECK BACK FOR UPDATES TO THIS DEVELOPING STORY.