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
the FSA had taken its third
the FSA had taken its third regulatory action against Morgan Stanley this year when it fined Nilesh Shroff, an executive director at the firm, who deliberately disadvantaged clients while conducting their trades. He had traded for the firm’ evening dressess benefit before making the requested trades from his clients. In addition to a £140,000 fine Mr. Shroff was banned by the regulators from trading. He was the third Morgan Stanley trader to be fined this year with Morgan Stanley having to paying substantial fines for the other two violations.