Gas prices drop 29.4 cents in week

The average price of a gallon of self-serve unleaded gasoline in San Diego County continued its sharp decline today, falling 2.6 cents to $2.796 – 29.4 cents less than a week ago.

The average price is 78.5 cents less than at this time last month, $1.834 less than the record high of $4.63 set on June 19 and 42 cents less than at this time last year, the Oil Price Information Service reported.

The average price has fallen for 49 consecutive days, dropping 99.8 cents, including 3.5 cents from Saturday to Sunday.

The price drop is the result of lower demand, a steady decline in crude oil prices stemming in part from the worldwide economic downturn, and reduced speculation by futures traders, Automobile Club of Southern California spokesman Jeffrey Spring told City News Service.

Despite Friday’s $1.85 increase to $67.81 in the price of a barrel of light, sweet crude on the New York Mercantile Exchange, the price fell 33 percent in October, the largest monthly drop since futures trading began 25 years ago and 54 percent since hitting a record high of $147.27 on July 11.

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

Related posts:

  1. Gas prices rise for first time in eight weeks
  2. Celebrating 50 days of cheaper gas
  3. Gas prices down for 42nd consecutive day
  4. Gas prices prompting commuter modifications
  5. UCSD 33rd Annual Pumpkin Drop

Short URL: http://www.delmartimes.net/?p=3927

Posted by Pat Sherman on Nov 3, 2008. Filed under Archives. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Archives

Facebook

Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

LA JOLLA NEWS

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS

  • Czech violin duo to perform at Village Church in Rancho Santa Fe
    In cooperation with the Consulate General of the Czech Republic, the Czech School San Diego hosts a free classical violin concert by internationally recognized Czech violin player Jaroslav Svecený and his daughter, Julie Svecená, who are on a tour of the United States. The concert will be at 7 p.m. Oct. 27 in the Village Church. The father-daughter duo will […]
  • Rancho Santa Fe weekly sports update
    Torrey Pines defeated Canyon Crest Academy 4-3 in a Palomar League opener for both teams on Oct. 9. Alayna Tomlinson and Farah Farjood each scored two goals to lead the Falcons. Samantha “Sammy” Cirino added one goal and one assist. […]
  • ‘Kachina Dolls and Dances’ to be topic at Rancho Santa Fe Historical Society lecture
    Native American expert Dr. James Kemp will discuss “Kachina Dolls and Dances” from 10:30 a.m.-12:30 p.m. Saturday, Oct. 25, at the Rancho Santa Fe Historical Society. Katsina figures, also known as kachina dolls (in photo at right), were carved typically from cottonwood root by the Hopi people to instruct young girls and new brides about the katsinas, the im […]