Gas prices continue to drop in San Diego County - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Gas prices continue to drop in 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 48th time in 49 days, dropping a half-cent to $3.714, its lowest amount since Jan. 6.

The average price is 7.5 cents less than one week ago, 48.9 cents lower than one month ago and 5.7 cents below what it was one year ago, according to figures from the AAA and Oil Price Information Service.

The average price has decreased 65.8 cents over the past 49 days, including three-tenths of a cent on Tuesday.

The falling pump prices are the result of a sharp drop in crude oil prices stemming from lower demand caused by a slowdown in the global economy, 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 had fallen to an eight-month low of $77.69 Thursday. However, it has since risen 12.8 percent on speculation that the European Central Bank will cut interest rates to spur growth and sanctions against Iran may curb supply.

The price rose $3.91 Tuesday to settle at $87.66.

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.

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