LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today to its lowest amount since July 29, 2017, decreasing four-tenths cents to $2.95.
The average price has dropped 43 consecutive days, decreasing 60.7 cents, including four-tenths of a cent on Sunday, according to figures from the AAA and Oil Price Information Service. The streak is the longest since a 53-day run from Nov. 6-Dec. 28, 2019.
The average price is 8.1 cents less than a week ago, 50.2 cents lower than a month ago and $1.102 below what it was one year ago. It has dropped 66.5 cents since the start of the year.
The Orange County average price also dropped to its lowest amount since July 29, 2017, decreasing three-tenths of a cent to $2.923. It has dropped 48 consecutive days, decreasing 59.6 cents, including six-tenths of a cent on Sunday. The streak is the longest since a 53-day run from Nov. 5-Dec. 27, 2019.
The Orange County average price is 8.8 cents less than one week ago, 48.4 cents lower than one month ago and $1.099 below what it was one year ago. It has dropped 62.2 cents since the start of the year.
The dropping prices are the result of weakened demand as many people heed stay-at-home orders prompted by the coronavirus outbreak and the 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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