Gas Prices in LA County at Lowest Levels Since January 2017

Gas prices have been declining since the coronavirus outbreak

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The average price of a gallon of self-serve regular gasoline in Los Angeles County remained the same on Sunday at $2.828, one day after dropping two-tenths of a cent.

The average price has either decreased or remained unchanged for 63 consecutive days, and is the lowest it's been since Jan. 3, 2017. It is two cents lower than one week ago, 22.9 cents lower than one months ago, and $1.29 cents cheaper than one year ago, according to figures from the AAA and Oil Price Information Service.

The Orange County average price dropped for the 67th time in the last 68 days, slipping four-tenths of a cent to $2.776, its lowest amount since Dec. 29, 2016.

The Orange County average price is 4.1 cents less than one week ago, 25.9 cents lower than one month ago and $1.32 cheaper than one year ago.

"The Energy Information Administration noted that gasoline inventories dropped by a significant 3.7 million gallons in the past week, which means there is more driving occurring than in prior weeks," said Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager.

"Prices are still declining, but if demand continues at this higher pace, we may be nearing the bottom of the price curve."

The dropping prices are largely 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 Spring.

Copyright CNS - City News Service
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