SAN DIEGO -- The average price of a gallon of gas in San Diego County fell for the 62nd consecutive day Monday, declining 3.4 cents to about $2.38, the lowest January 2006.

The average price is nearly 21 cents less than a week ago, 98.3 cents less than at this time last month, $2.25 less than the record high of $4.63 set June 19, and $1.035 less than at this time last year, the Oil Price Information Service reported.

The average price has fallen about $1.39 over the past 62 days, including 2.8 cents from Friday to Saturday.

The dropping price is a result of lower demand and a steady decline in crude oil prices which is caused by the worldwide economic downturn, and reduced speculation by futures traders, said Jeffrey Spring of the Automobile Club of Southern California.

Despite indications that the Organization of Petroleum Exporting Countries may further reduce production, the price of a barrel of crude on the New York Mercantile Exchange fell $1.20 Friday to $57.04. The price has fallen 61 percent since hitting a record high of $147.27 on July 11.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull, director of strategic communications for the Western States Petroleum Association, a trade association representing major oil companies in six Western states.