San Diego County average gas price drops for 47th time in 48 Days

SAN DIEGO (CNS) - The average price of a gallon of self-serve gasoline in San Diego County dropped today to its lowest amount since Jan. 5, 2017, decreasing six-tenths of a cents to $2.821, the 47th decrease in 48 days.

The average price is 6.4 cents less than a week ago, 42.6 cents lower than a month ago and $1.239 below what it was one year ago, according to figures from the AAA and Oil Price Information Service. It has fallen 78.1 cents since the start of the year.

The average price fell 44 consecutive days, rose three-tenths of a cent on Sunday, then resumed dropping on Monday. It has dropped 71.2 cents over the past 48 days.

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 because of reduced demand because of the global economic downturn.