Riverside County Gas Prices Rise for 22nd Consecutive Day

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose for the 22nd consecutive day Wednesday, increasing three-tenths of a cent to $4.719. The average price has increased 28.6 cents over the past 22 days, including 1.3 cents Tuesday, according to figures from the AAA and Oil Price Information Service. It is 12.8 cents more than one week ago, 33.2 cents higher than one month ago, and 1.2 cents more than one year ago. The average price has dropped $1.654 since rising to a record $6.373 on Oct. 5, 2022. Meanwhile, the national average price dropped for the 23rd time in the last 25 days, decreasing a half-cent to $3.397. It has dropped 11.3 cents over the past 25 days, including eight-tenths of a cent Tuesday. It is 2.1 cents less than one week ago, 1.8 cents less than one month ago, and 13.4 cents lower than one year ago. The national average price has dropped $1.619 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.