Average Riverside County Gas Price Rises for 20th Consecutive Day

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose Monday for the 20th consecutive day, increasing a half-cent to $4.703, its highest amount since Dec. 5. The average price has increased 27 cents over the past 20 days, including 1.7 cents Sunday, according to figures from the AAA and Oil Price Information Service. It is 13.2 cents more than one week ago and 32.5 cents higher than one month ago but three-tenths of a cent less than one year ago. The average price has dropped $1.67 since rising to a record $6.373 on Oct. 5, 2022. The national average price dropped for the 21st time in 23 days, decreasing three-tenths to $3.41. It has dropped 10 cents over the past 23 days, including four-tenths of a cent Sunday. It is six-tenths of a cent less than one week ago and 12.1 cents lower than one year ago but 1.8 cents more than one month ago. The national average price has dropped $1.606 since rising to a record $5.016 on June 14. "Oil prices have softened over the last week, helping to limit any upside at the pump, with strong economic data leading to concern that the Fed will continue to use interest rates to slow the economy," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations. "This could weaken demand as we head into the peak summer driving season." Copyright 2023, City News Service, Inc.