For the seventh consecutive day, the average price for a gallon of regular gasoline in San Diego County has dropped, reaching $4.731.
Gas prices in San Diego have fluctuated, but mostly remained on a downward trend since April 2024. Exactly a year ago, for example, the average gas price was $5.012.
The highest recorded average for regular unleaded gasoline in San Diego was $6.434 on Oct. 5th, 2022.
The decline in gas prices reflects a national trend, with the average price across the United States decreasing 10 out of the last 11 days. Specifically, the national average is 3.7 cents less than a week ago and 39.5 cents less than what it was a year ago.
Experts say that the decline in gas prices is likely due to the economic uncertainty following President Donald Trump’s enactment of steep tariffs. In other words, when the global economy declines, gas prices follow suit.
“As concerns over tariffs and policy uncertainties grow, gas prices have continued to decline across much of the country, raising the possibility that the national average could…approach some of the lowest prices seen in years,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We’ve already seen some signals that the months ahead could be challenging. All of this suggests that gas prices are likely to remain low for now.”
Last Saturday, the leading global oil production group OPEC+ announced a sharp increase of 411,000 barrels per day in July.
The combination of increasing oil production and economic uncertainty has left U.S. oil production in question.
In a statement to investors, Texas-based independent oil and natural gas company Diamondback Energy noted that “today’s prices, volatility and macroeconomic uncertainty have put progress (of U.S. oil production) in jeopardy.”
Although gas prices in San Diego are expected to decline in the near future, a new report by USC warns that fuel prices could reach $8 by the end of next year.
“Any disruptions to oil and foreign gasoline supplies will exacerbate California’s gasoline dilemma and drive-up prices,” wrote Michael A. Mische in the study. “Even when the spot price of oil and retail gasoline prices have declined, California taxes on gasoline have increased.”
City News Service contributed to this article.
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