The average price of a gallon of self-serve regular gasoline in San Diego County fell today for the 53rd time in 54 days, dropping four-tenths of a cent to $3.686, its lowest amount since Jan. 4.
The average price is 3.6 cents less than one week ago, 43.5 cents lower than one month ago and 7.4 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.
The average price has decreased 69.6 cents over the past 54 days, including six-tenths of a cent Sunday.
The pump prices continue to drop despite rising wholesale prices stemming from a recent increase in the cost of crude oil, according to Jeffrey Spring of the Automobile Club of Southern California.
The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange rose to $87.66 Tuesday after dropping to an eight- month low of $77.69 on June 28. The price fell 44 cents Thursday and $2.77 Friday, settling at $84.45 Friday.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.
-City News Service