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SAN DIEGO – Prices at the gas pump in San Diego are starting to drop as concerns about the new omicron COVID-19 variant continue to spread.
The average gallon of gasoline in San Diego was $ 4.64 on Monday, according to AAA Southern California. It’s three cents less than last week, which can be summed up pretty quickly, according to Alan Gin, professor of economics at the University of San Diego.
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“For every penny the price of a gallon of gasoline changes, that’s a million dollars a month in the San Diego economy,” said Gin.
According to Gin, gas prices have fallen because concerns about the new variant have worried the oil markets.
“Oil markets were concerned that this new variant would slow economic activity around the world, as COVID did when it first emerged,” he said.
As a result, the price of a barrel of oil used in gasoline fell 15 to 20 percent, from around $ 80 a barrel to about $ 70.
Gin said prices at the pump are likely to fall from here as the price of oil has peaked.
“I think gas prices will continue to fall through 2022,” he said.
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The AAA Southern California said concerns about the Omicron variant are also likely to result in more vacation travel cars this year.
“People just feel more in control of the situation when they are in their own vehicle with their own family,” said Doug Shupe of AAA Southern California.
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