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Gas prices drop over 4th of July holiday

San Diego is experiencing a painfully slow decline in the cost of fuel for San Diego motorists.

Today, UCAN's local gas survey showed that gas prices in San Diego dropped one and one-half cents in the last 24 hours.

"We expect this trend to continue over the weekend" says  Charles Langley, UCAN's Gasoline Project Manager, who blames the recent run-up in gas prices on opportunistic gouging by California refineries and market gaming by speculators.

 Since June 18, oil prices have dropped by more than ten cents a gallon, while gas prices have only declined by eight cents a gallon. 

"You could say that the speculators couldn't find their butts with both hands because the bottom fell out of the oil market this week on news of excessively high inventories," says Langley. "In addition, this is the third consecutive year of decreasing demand for gasoline in California."  

The California Board of Equalization, which collects taxes on gasoline sales, reports an alarming 5.6% reduction in fuel use for the first quarterof 2009, according to a Reuters News story.

According to UCAN, the current average price of gasoline in San Diego County is $2.97 a gallon today, down 1.5¢ cents from Thursday. It is the 17th straight day of modest price declines in San Diego, when on June 18, prices set a record high for the year of $3.05 a gallon. 

Gas price statistics

THIS DAY IN PREVIOUS YEARS

Cost of gasoline on July 4, 2008        $4.55 a gallon

Cost of gasoline, July 4, 2007            $3.13 a gallon

Cost of gasoline, July 4, 2006            $3.25 a gallon

Cost of gasoline July 2005                 $2.58 a gallon

AVERAGE PRICE OF GAS ...

 ... One week ago                                  $3.015

... One month ago                                 $2.87

... Six months ago                                 $2.17

GAS PRICE RECORDS ...

Highest price ever in San Diego, on average = $4.62 in June of 2008

Lowest price in the last four years, on average = $1.71 December 11, 2008

Source: UCAN GAS PROJECT