Gasoline price drops for 16th day - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Gasoline price drops for 16th day

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SAN DIEGO (CNS) - The average price of a gallon of self-serve regular gasoline in San Diego County fell Friday for the 16th consecutive day, dropping 1.2 cents to $3.888.

The average price is 6.1 cents less than one week ago and 44 cents lower than one year ago, but 3.2 cents more than one month ago, according to figures from the AAA and Oil Price Information Service.

The average price has dropped 14.5 cents over the past 16 days, including 1 cent on Thursday. The dropping prices were immediately preceded by a 16-day streak of rising prices totaling 18.2 cents.

"The last time wholesale prices were this low, Southern California drivers were paying on average about $3.60 a gallon, so clearly there is plenty more room for prices to drop further," said Jeffrey Spring of the Automobile Club of Southern California.

"In about three weeks, wholesale prices have plunged by more than 50 cents. Lower crude oil prices have helped drive the drop, along with apparent solid production at local refiners."

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