Crude oil slide & weak demand push gas prices down
SAN DIEGO — The average price of a gallon of self-serve regular gasoline in San Diego County dropped Tuesday for the 13th consecutive day, decreasing 1.9 cents to $2.892.
The average price has dropped 17.1 cents over the past 13 days, including a half-cent on Monday, and is 11.3 cents less than one week ago, according to figures from the AAA and Oil Price Information Service.
However, the average price is 11.7 cents more than one month ago and 39.9 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.