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San Diego County average gas price drops to lowest amount since December 2016

SAN DIEGO (CNS) - The average price of a gallon of self-serve gasoline in San Diego County dropped today for the 52nd time in 55 days, decreasing a half-cent to $2.792, its lowest amount since Dec. 30, 2016.

The average price is 2.9 cents less than a week ago, 31.8 cents lower than a month ago and $1.293 below what it was one year ago, according to figures from the AAA and Oil Price Information Service. It has fallen 81 cents since the start of the year, including seven-tenths of a cent on Tuesday.

The average price fell 44 consecutive days, rose three-tenths of a cent on April 19, dropped each of the next five days, then rose three-tenths of a cent on Saturday and one-tenth of a cent on Sunday, the first back-to-back daily increases since Feb. 27-28.

The average price has dropped 74.1 cents over the past 55 days.

The dropping prices are the result of a sharp decrease in demand as people reduced driving because of stay-at-home orders and higher unemployment stemming from the coronavirus outbreak, which caused gasoline inventories to increase, according to Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.

The sharp drop in oil prices caused by a decrease in demand connected to the global economic downturn, a price war between Russia and Saudi Arabia and fears of global crude storage hitting capacity are additional reasons for the lower gas prices.

The crude oil price and supply and demand are the most important factors in the gas price.

 

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