The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped Wednesday to its lowest amount since Aug. 11, 2017, decreasing 1.8 cents to $3.001.
The average price has dropped 38 consecutive days and 41 of the past 42, decreasing 56.6 cents, including 1.2 cents on Tuesday, according to figures from the AAA and Oil Price Information Service.
The average price is 9.3 cents less than a week ago, 51.5 cents lower than a month ago and 88.7 cents below what it was one year ago. It has dropped 61.4 cents since the start of the year.
The Orange County average price dropped to its lowest amount since Aug. 12, 2017, decreasing 2 cents to $2.973. It has dropped 43 consecutive days, decreasing 54.6 cents, including 1.8 cents on Tuesday.
The Orange County average price is 8.7 cents less than one week ago, 50.1 cents lower than one month ago and 87.8 cents below what it was one year ago. It has dropped 57.2 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.
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