The average price of a gallon of self-serve regular gasoline in San Diego County dropped Wednesday to its lowest level since Feb. 15, nine days before Russia’s invasion of Ukraine sent shock waves through the world oil market.
The decline comes as Gov. Gavin Newsom on Monday convened a special session of the state Legislature to consider a cap on the profit margins of California oil refiners to prevent price gouging.
But the state has also shifted to the less expensive “winter blend” of gasoline under clean air regulations.
The average local price dropped 5.1 cents Wednesday to $4.717, continuing a steady decrease since a record $6.435 was reached on Oct. 5, according to figures from the AAA and the Oil Price Information Service.
The national average price decreased by 2.5 cents on Wednesday to $3.355. It set a record of $5.016 on June 14.
“Gas prices are dropping sharply,” said Andrew Gross, an AAA national public relations manager. “But with oil being the main ingredient in gasoline, OPEC+’s move could slow this decline. However, the gas price will likely soon be lower than it was a year ago.”
OPEC+, a group of nations that allied with OPEC to cut production in order to boost oil prices, announced plans Sunday to stick to its oil production cuts.
City News Service contributed to this article.