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 28, 2017, decreasing 1.5 cents to $2.935.
The average price has dropped 44 consecutive days, decreasing 62.2 cents, including four-tenths of a cent on Monday, 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 8.4 cents less than a week ago, 50.2 cents lower than a month ago and $1.13 below what it was one year ago. It has dropped 68 cents since the start of the year.
The Orange County average price dropped to its lowest amount since July 27, 2017, decreasing 1.4 cents to $2.909. It has dropped 49 consecutive days, decreasing 61 cents, including three-tenths of a cent on Monday. The streak is the longest since a 53-day run from Nov. 5-Dec. 27, 2019.
The Orange County average price is 8.4 cents less than one week ago, 47.3 cents lower than one month ago and $1.123 below what it was one year ago. It has dropped 63.6 cents since the start of the year.
The agreement reached Sunday involving Saudi Arabia, Russia and other oil-producing nations to reduce oil production is not likely to have an immediate impact on pump prices “given the ongoing impact the COVID-19 pandemic is having on crude oil prices and gasoline demand,” according to Jeff Spring, the corporate communications manager for the Automobile Club of Southern California.
“Refineries continue to reduce gasoline production and oil inventories continue to increase,” Spring told City News Service.