Gas prices slow to follow drop in oil costs - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Gas prices slow to follow drop in oil costs

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SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County fell Saturday to its lowest amount since Feb. 26, declining 1.1 cents to $3.741.

Ten consecutive daily declines have dropped the average price 6 cents below what it was one week ago and 4.1 cents lower than a month ago, according to figures from the AAA and Oil Price Information Service. However, the average price is 57.7 cents higher than a year ago.

Analysts credit the declining pump price to the lower price of crude oil.

The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange fell 34 cents Friday to $85.38.

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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