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 58th time in 61 days, decreasing three-tenths of a cent to $2.773, its lowest amount since Dec. 29, 2016.

The average price is 2.4 cents less than a week ago, 23.6 cents lower than a month ago and $1.326 below what it was one year ago, according to figures from the AAA and Oil Price Information Service. It has fallen 82.9 cents since the start of the year, including four-tenths of a cent on Monday.

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 April 25 and one-tenth of a cent on April 26, the first back-to-back daily increases since Feb. 27-28. It has also dropped each of the past nine days.

The average price has decreased 76 cents over the past 61 days.

"The federal Energy Information Administration noted last week that gasoline inventories dropped by a significant 3.7 million gallons the prior week, which means there is more driving and less production occurring than in prior weeks,'' Jeffrey Spring, the Automobile Club of Southern California's corporate communications manager told City News Service.

"Prices are still declining, though more slowly than in prior weeks, throughout Southern California, but if demand continues to increase and production continues to drop, we may be nearing the bottom of the price curve.''