The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped for the 49th consecutive day Sunday, slipping three-tenths of a cent to $2.892, its lowest amount since Feb. 3, 2017.
The average price is 6.2 cents less than one week ago, 46.5 cents lower than one month ago, and $1.18 cheaper than it was one year ago, according to figures from the AAA and Oil Price Information Service.
The Orange County average price rose by one-tenth of a cent, ending a streak of 53 consecutive decreases. Still, the county’s average price of $2.865 is the cheapest it has been since July 19, 2017. It is 6.1 cents less than one week ago, 43.2 cents lower than one month ago and $1.18 cheaper than one year ago.
The dropping prices are partially 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.