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San Diego County average gas price drops to lowest amount since January 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 Jan. 6, 2017, decreasing 1.6 cents to $2.827, the 46th decrease in 47 days.

The average price is 7.3 cents less than a week ago, 43.8 cents lower than a month ago and $1.235 below what it was one year ago, according to figures from the AAA and Oil Price Information Service. It has fallen 77.5 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 70.6 cents over the past 47 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.

 

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