LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped today for the 59th consecutive day, decreasing a half-cent to $2.834, its lowest amount since Jan. 4, 2017.
The average price has dropped 72.3 cents during the streak, including a half-cent on Tuesday, according to figures from the AAA and Oil Price Information Service. The streak of decreases is the longest since a 92-day run from Oct. 2, 2014-Jan. 1, 2015.
The average price is 3.9 cents less than a week ago, 30.1 cents lower than a month ago and $1.29 below what it was one year ago. It has dropped 72.3 cents since the start of the year.
The Orange County average price dropped for the 63rd time in 64 days, decreasing seven-tenths of a cent to $2.801, its lowest amount since Dec. 30, 2016. It has dropped 71.8 cents over the past 64 days, including eight-tenths of a cent on Tuesday.
The Orange County average price is 3.9 cents less than one week ago, 29.7 cents lower than one month ago and $1.296 below what it was one year ago. It has dropped 74.4 cents since the start of the year.
The Orange County average price dropped for 53 consecutive days, rose one-tenth of a cent April 19, then resumed dropping the following day.
The dropping prices are the result of a sharp decrease in demand as people reduced driving because of stay-at-home orders and higher unemployment stemming from the coronavirus outbreak, which caused gasoline inventories to increase, according to Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.
The sharp drop in oil prices caused by a decrease in demand connected to the global economic downturn, a price war between Russia and Saudi Arabia and fears of global crude storage hitting capacity are additional reasons for the lower gas prices.
The crude oil price and supply and demand are the most important factors in the gas price.