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 27, 2017, decreasing 1 cent to $2.925.
The average price has dropped 45 consecutive days, decreasing 63.2 cents, including 1.5 cents on Tuesday, 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 7.6 cents less than a week ago, 50.4 cents lower than a month ago and $1.144 below what it was one year ago. It has dropped 69 cents since the start of the year.
The Orange County average price also dropped to its lowest amount since July 27, 2017, decreasing 1 cent to $2.899. It has dropped 50 consecutive days, decreasing 62 cents, including 1.4 cents on Tuesday. The streak is the longest since a 53-day run from Nov. 5-Dec. 27, 2019.
The Orange County average price is 7.4 cents less than one week ago, 47.1 cents lower than one month ago and $1.138 below what it was one year ago. It has dropped 64.6 cents since the start of the year.
The dropping prices are the result of weakened demand for gasoline because of stay-at-home orders and oil because of the global economic slowdown, both caused by the coronavirus outbreak, 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.
Photo: Getty Images