The average price of a gallon of self-serve regular gasoline in San Diego County dropped seven-tenths of a cent Wednesday to $5.23 — the lowest level since March 5.
March 5 was nine days after the Ukraine War started and energy prices spiked around the world.
Local prices have fallen by $1.14 since peaking at a record $6.37 on June 15, according to figures from the AAA and the Oil Price Information Service.
The San Diego average is nearly 5 cents less than one week ago and 34 cents lower than one month ago, but 88 cents more than a year ago before the threat of war in Europe.
Reuters reported that U.S. wholesale gasoline prices fell Tuesday to levels not seen since Feb. 18, before Russia’s invasion of Ukraine, suggesting retail consumers will see more relief in coming weeks.
Fears of a global recession and a record amount of emergency oil sales from U.S. national reserves have helped cool gasoline markets.
City News Service and Reuters contributed to this article.