The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Wednesday to its lowest amount since Feb. 2, 2017, decreasing eight-tenths of a cent to $2.873.
The average price has dropped 52 consecutive days, decreasing 68.4 cents, including eight-tenths of a cent on Tuesday, 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 5.2 cents less than a week ago, 41.2 cents lower than a month ago and $1.205 below what it was one year ago. It has dropped 73.5 cents since the start of the year.
The Orange County average price dropped to its lowest amount since Jan. 28, 2017, decreasing 1.2 cents to $2.84. It has dropped 56 of the past 57 days, decreasing 67.9 cents. It dropped for 53 consecutive days, rose one-tenth of a cent on Sunday, then resumed dropping on Monday.
The Orange County average price is 5.9 cents less than one week ago, 39 cents lower than one month ago and $1.208 below what it was one year ago. It has dropped 70.5 cents since the start of the year, including eight-tenths of a cent on Tuesday.
The dropping prices are the result of the 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 because of reduced demand stemming from the global economic downturn.