The average price of a gallon of self-serve regular gasoline in Riverside County dropped for the 46th consecutive day Sunday, slipping one-tenth of a cent to $2.724, its lowest amount since Dec. 29, 2016.
The average price is 8.9 cents lower than one week ago, 53.5 cents lower than one month ago, and $1.29 cheaper than one year ago, according to figures from the AAA and Oil Price Information Service.
The dropping prices are 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.
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