The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped under $3 Thursday for the first time since Aug. 12, 2017, decreasing 1.4 cents to $2.987.
The average price has dropped 39 consecutive days and 42 of the past 43, decreasing 58 cents, including 1.8 cents on Wednesday, according to figures from the AAA and Oil Price Information Service.
The average price is 8.6 cents less than a week ago, 52.3 cents lower than a month ago and 92.4 cents below what it was one year ago. It has dropped 62.8 cents since the start of the year.
The Orange County average price dropped to its lowest amount since Aug. 10, 2017, decreasing 1.5 cents to $2.958. It has dropped 44 consecutive days, decreasing 56.1 cents, including 2 cents on Wednesday.
The Orange County average price is 9.1 cents less than one week ago, 51 cents lower than one month ago and 91.7 cents below what it was one year ago. It has dropped 58.7 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.