Average Riverside County Gas Price Rises To Record High

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose to a record $5.979 today, increasing for the 21st consecutive day. The average price has increased 29.4 cents over the past 21 days, including 4.2 cents Wednesday, according to figures from the AAA and Oil Price Information Service. It is 17 cents more than one week ago, 24.7 cents higher than one month ago and $1.895 greater than one year ago. The previous record was $5.971 set March 29. The national average price rose 4.4 cents to $4.567, erasing the previous record set Tuesday. The rising pump prices are the result of the high cost of oil, according to Andrew Gross, an AAA national public relations manager. The price of a barrel of July Brent crude on ICE Futures Europe fell $2.31 Tuesday to settle at $111.93 after hitting its highest intraday price since March 28. Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil. Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries. Copyright 2022, City News Service, Inc. CNS-05-18-2022 02:10