The average price of a gallon of self-serve regular gasoline in San Diego County dropped for the fifth consecutive day Monday following a run of 19 increases in 20 days, decreasing a half-cent to $6.34.
The average price set records 18 times in 19 days during the run of increases, including a record high of $6.373 on June 15. It then dropped seven- tenths of a cent Friday, 1.2 cents Saturday and three-tenths of cents Sunday.
The decreases stem from "a plunge of nearly 60 cents on the Los Angeles wholesale gasoline market this past week" caused by "a very volatile week for the U.S. economy and a slight downturn in consumer demand reported by the EIA, which is likely due to record high prices," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager, referring to the U.S. Energy Information Administration.
The average price is 2.3 cents less than one week ago, but 31.7 cents more than one month ago and $2.11 greater than one year ago, according to figures from the AAA and the Oil Price Information Service.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
The national average price of a gallon of self-serve regular gasoline dropped for the sixth consecutive day following an 18-day streak of increases, decreasing two-tenths of a cent to $4.981. The average price rose 41.5 cents during the 18-day streak, setting a record each day. It dropped a half-cent Thursday, nine-tenths of a cent Friday, 1.1 cents Saturday and six-tenths of a cent Sunday.
