San Diego County average gas price drops to lowest amount since February 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 February 1, 2017, decreasing seven-tenths of a cent to $2.843, one day after a 44-day streak of decreases ended with an increase of three-tenths of a cent.

The average price is 7.6 cents less than a week ago, 44.7 cents lower than a month ago and $1.217 below what it was one year ago, according to figures from the AAA and Oil Price Information Service. It has fallen 75.9 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.