San Diego County average gas price drops to lowest amount since July 2017

SAN DIEGO (CNS) - The average price of a gallon of self-serve gasoline in San Diego County dropped today to its lowest amount since July 27, 2017, decreasing 1.9 cents to $2.90.

The average price has dropped 40 consecutive days, decreasing 63.3 cents, including six-tenths of a cent on Monday, according to figures from the AAA and Oil Price Information Service. The streak is the longest since a 42-day run from Nov. 7-Dec. 18, 2019.

The average price is 9.3 cents less than a week ago, 52.3 cents lowe than a month ago and $1.139 below what it was one year ago. It has fallen 70.2 cents since the start of the year.

The agreement reached Sunday involving Saudi Arabia, Russia and other oil-producing nations to reduce oil production is not likely to have an immediate impact on pump prices "given the ongoing impact the COVID-19 pandemic is having on crude oil prices and gasoline demand,'' according to Jeff Spring, the corporate communications manager for the Automobile Club of Southern California.

"Refineries continue to reduce gasoline production and oil inventories continue to increase,'' Spring told City News Service.