Drivers, rejoice! There are gas stations in San Diego County pumping out petrol for less than $4.90 per gallon.
NBC 7 first noticed gas prices with a 4 in front on July 18. As of July 25, there were two stations listed at $4.84, one at $4.95 and several at $4.99, according to Gas Buddy.
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"I think it’s great – I love to see these numbers going down," Joon Bender told NBC 7 as he filled up at the Costco in La Mesa last Tuesday night.
"They’ve been high lately, so it’s about time," driver Alfred Valenzuela added.
The average price of a gallon of self-serve regular gasoline in San Diego County dropped Sunday for the 39th consecutive day since rising to a record, decreasing 1.7 cents to $5.708, its lowest amount since March 9.
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The average price has decreased 66.5 cents during the streak, including 3.8 cents Saturday, according to figures from the AAA and the Oil Price Information Service. The streak of decreases follows a run of 19 increases in 20 days totaling 35.5 cents.
The average price is 17.8 cents less than one week ago and 59.1 cents lower than one month ago, but $1.394 more than one year ago. It has dropped 66.5 cents since rising to a record $6.373 on June 15.
The national average price dropped for the 40th consecutive day following an 18-day streak of increases, decreasing 1.6 cents to $4.366. It has dropped 65 cents over the past 40 days, including 3.1 cents Saturday, after rising 41.5 cents during the 18-day streak of increases.
The national average price is 16.6 cents less than one week ago and 56 cents lower than one month ago, but $1.211 more than one year ago. It has dropped 65 cents since rising to a record $5.016 on June 14.
Now, for the question, we're all wondering: How low can gas prices go?
"It is possible if fuel remains at $100 a barrel right now ... the national average of the United States. If the refiners pass on those cost savings, it could get down to about $4 again in the United States. On average now in California, that'd be different because of our tax structure would be above $5, but, you know, $5.10 or so," University of Southern California professor Shon Hiatt said.
It's no secret that in Southern California we’re paying some of the highest prices for gas in the country.
Hiatt says the reason for that boils down to a combination of emission laws, local competition and the long distance it takes to transport fuel here. He says drivers should enjoy the savings when they come -- but to be prepared for possible increases in the future.
"We're looking at a very volatile rest of the summer and into the fall until we get a few more signals and a clear picture on what's going to happen to our own economy," Hiatt said. "Based on the interest points raised from the Federal Reserve, as well as what China is going to do and its consumption, I think those are the two biggest factors we need to look at right now. Every dollar counts."
