The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Monday to its lowest amount since Feb. 3, 2017, decreasing three-tenths of a cent to $2.889.
The average price has dropped 50 consecutive days, decreasing 66.8 cents, including three-tenths of a cent on Sunday, according to figures from the AAA and Oil Price Information Service. The streak is the longest since a 53-day run from Nov. 6-Dec. 28, 2019.
The average price is 6.1 cents less than a week ago, 43.6 cents lower than a month ago and $1.189 below what it was one year ago. It has dropped 71.9 cents since the start of the year.
The Orange County average price dropped to its lowest amount since Feb. 2, 2017, decreasing a half-cent to $2.86, one day after a 53-day streak of dropping prices totaling 65.5 cents ended with an increase of one-tenth of a cent.
The Orange County average price is 6.3 cents less than one week ago, 41.2 cents lower than one month ago and $1.191 below what it was one year ago. It has dropped 68.5 cents since the start of the year.
The dropping prices are the result of a continuing decrease in demand as people have reduced driving because of stay-at-home orders and higher unemployment, which has caused gasoline inventories to increase, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
Supply and demand is the second most important factor in the gas price behind the crude oil price, which has dropped sharply since the outbreak of the coronavirus pandemic. Fears of global crude storage hitting capacity is the latest reason for the drop in oil prices.