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 March 19, decreasing 1.7 cents to $3.404.
The average price has dropped 16 consecutive days and 19 of the past 20, decreasing 16.3 cents, including eight-tenths of a cent on both Sunday and Monday, according to figures from the AAA and Oil Price Information Service.
The average price is 9 cents less than week ago and 16.7 cents lower than one month ago but 2.9 cents more than one year ago. It has dropped 21.1 cents since the start of the year.
The Orange County average price also dropped to its lowest amount since March 19, decreasing 1.6 cents to $3.346. It has dropped 21 consecutive days, decreasing 17.3 cents, including eight-tenths of a cent on Monday.
The Orange County average price is 10.4 cents less than one week ago and 17.6 cents lower than one month ago but 2.4 cents more than one year ago.
It has dropped 19.9 cents since the start of the year.
The decreasing pump prices are the result of lower oil prices stemming from increased production by Russia and Saudi Arabia boosting the supply and a decline in demand due to a significant drop in commercial and general motorist traffic related to the coronavirus outbreak, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.