Gas prices drop slightly around San Diego County - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Gas prices drop slightly around San Diego County

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SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County fell Wednesday for the 33rd consecutive day, decreasing 1.2 cents to $3.955, the lowest since March 10.

The average price is 5.7 cents less than one week ago and 31.1 cents lower than one month ago but 88.8 cents higher than one year ago, according to figures from the AAA and Oil Price Information Service.

The average price has fallen 32.3 cents during the streak that began May 7. It had risen eight consecutive days before the streak of decreases began.

Analysts credit the decreases to the declining cost of crude oil. The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange has fallen 13 percent to $99.09 since reaching a two-year high of $113.93 on April 29.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States

Petroleum Association, a trade association representing oil companies in six western states.

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