RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County today dropped to its lowest amount since Dec. 22, 2016, one day after a 53-day streak of decreases totaling 78.9 cents ended with an increase of six-tenths of a cent.
In figures released Tuesday, the average price dropped 1.5 cents to $2.668, 3.7 cents less than one week ago, 35.6 cents lower than one month ago and $1.393 below what it was one year ago, according to figures from the AAA and Oil Price Information Service.
The average price has decreased 84 cents since the start of the year.
The 2016 average included stations in San Bernardino County.
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.