The average price of a gallon of self-serve gasoline in San Diego County dropped Sunday for the 56th time in the last 59 days, decreasing two-tenths of a cent to $2.78, its lowest amount since Dec. 30, 2016.
The average price is 2.9 cents less than a week ago, 25.2 cents lower than a month ago and $1.31 cheaper than one year ago, according to figures from the AAA and Oil Price Information Service.
“The Energy Information Administration noted that gasoline inventories dropped by a significant 3.7 million gallons in the past week, which means there is more driving occurring than in prior weeks,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
“Prices are still declining, but if demand continues at this higher pace, we may be nearing the bottom of the price curve.”
The dropping prices are largely 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 Spring.
–City News Service