The average price of a gallon of self-serve gasoline in San Diego County dropped Saturday to its lowest amount since February 2, 2017, decreasing four-tenths of a cent to $2.847.
The average price has dropped 44 consecutive days, decreasing 68.6 cents, including 1.4 cents on Friday, according to figures from the AAA and Oil Price Information Service. The streak is the longest since a 54-day run from Aug. 15-Oct. 7, 2015.
The average price is 8.6 cents less than a week ago, 50.3 cents lower than a month ago and $1.207 below what it was one year ago. It has fallen 75.5 cents since the start of the year.
The dropping prices are the result of a continuing decrease in demand as people have reduced driving because of stay-at-home orders and higher unemployment which has caused gasoline inventories to increase, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
Supply and demand is the second most important factor in the gas price behind the crude oil price, which has dropped sharply since the outbreak of the coronavirus pandemic. Fears of global crude storage hitting capacity is the latest reason for the drop in oil prices.
–City News Service
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