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 21, 2017, decreasing 1.3 cents to $2.912.
The average price has dropped 46 consecutive days, decreasing 64.5 cents, including 1 cent on Wednesday, 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 7.5 cents less than a week ago, 50.9 cents lower than a month ago and $1.159 below what it was one year ago. It has dropped 70.3 cents since the start of the year.
The Orange County average price dropped to its lowest amount since July 22, 2017, decreasing 1.7 cents to $2.882. It has dropped 51 consecutive days, decreasing 63.7 cents, including 1 cent on Wednesday. The streak is the longest since a 53-day run from Nov. 5-Dec. 27, 2019.
The Orange County average price is 7.6 cents less than one week ago, 48 cents lower than one month ago and $1.158 below what it was one year ago. It has dropped 66.3 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.
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