The average price of a gallon of unleaded self-serve gasoline in San Diego County fell for the 84th consecutive day today, falling 1.9 cents to $1.784, the lowest since January 2004.
The average price is 16.5 cents less than a week ago, 83.3 cents less than at this time last month, $1.558 less than at this time last year and $2.846 less than the record high of $4.63 set June 19, the Oil Price Information Service reported.
The average price has fallen $2.005 over the past 84 days, including 2 cents from Saturday to Sunday.
The lower prices reflect a steady decline in crude oil prices caused by lower demand associated with the worldwide economic downturn, reduced gasoline usage - partially the result of conservation by drivers - and reduced speculation by futures traders, Jeffrey Spring, public relations manager of the Automobile Club of Southern California, told City News Service.
Despite a $2.82 increase to $43.63 in early trading today on the New York Mercantile Exchange, the price of a barrel of light sweet crude has fallen 70 percent since hitting the record high of $147.27 July 11.
Analysts attributed today's increase to a comment Saturday by Organization of Petroleum Exporting Countries President Chakib Khelil that the cartel could announce a "severe'' reduction of output quotas at its next meeting on Dec. 17 in Algeria.