Gas Prices Finally Offer Some Relief

By Lauren Steussy and Consumer Bob
|  Friday, Oct 26, 2012  |  Updated 8:50 PM PDT
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Gas Prices Finally Offer Some Relief

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Gas Prices Finally Offer Some Relief

San Diego State marketing professor George Belch talks about how people's opinion of gas prices has changed throughout the years. Consumer Bob reports.
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After almost a month of sky-high gas prices, San Diego drivers can now breathe a sigh of relief at the pump.

Several North County gas stations sold $3.99/gallon gas late Thursday night. Friday morning, other stations showed prices dropping to $3.89/gallon.

The current price of gas is still an average of $4.266/gallon for regular, but it dropped from $4.315/ gallon on Thursday, according to the AAA Fuel Gauge Report.

Gas prices at the pump are finally starting to catch up with the huge drop at the wholesale level.

Prices have been dropping about 4 cents a day to dealers, but they’ve only been dropping the price at the pump about 2 cents a day on average.

Stations across San Diego could drop their prices by 10 cents right now and still be making a profit. Economists call this the rocket/feather scenario where prices shoot up at the pump like a rocket but float down like a feather.

Charles Langley with UCAN says prices should drop between 7 and 20 cents through the weekend.

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