RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped today to its lowest amount since Dec. 29, 2016, decreasing four-tenths of a cent to $2.72.
The average price has dropped 47 consecutive days, decreasing 74.6 cents, including one-tenth of a cent on Sunday, according to figures from the AAA and Oil Price Information Service. The streak is the longest since a 51-day run from Nov. 4-Dec. 24, 2019.
The average price is 8.5 cents less than one week ago, 50.5 cents lower than one month ago and $1.298 below what it was one year ago. It has decreased 78.8 cents since the start of the year.
The 2016 average included stations in San Bernardino County.
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.