The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Tuesday to its lowest amount since Aug. 25, 2017, decreasing 1.2 cents to $3.019.
The average price has dropped 37 consecutive days and 40 of the past 41, decreasing 54.8 cents, including seven-tenths of a cent on Monday, according to figures from the AAA and Oil Price Information Service.
The average price is 8.7 cents less than a week ago, 50.5 cents lower than a month ago and 84.7 cents below what it was one year ago. It has dropped 59.6 cents since the start of the year.
The Orange County average price dropped under $3 for the first time since Aug. 25, 2017, decreasing 1.8 cents to $2.993. It has dropped 42 consecutive days, decreasing 52.6 cents, including six-tenths of a cent on both Sunday and Monday.
The Orange County average price is 8.1 cents less than one week ago, 48.7 cents lower than one month ago and 83.8 cents below what it was one year ago. It has dropped 55.2 cents since the start of the year.
The dropping prices are a result of weakened demand as many people heed stay-at-home orders, coupled with the ongoing oil price war between Saudi Arabia and Russia, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
The oil price is the top factor in determining the gasoline price.