Average Riverside County Gas Price Drops After 34 Increases in 37 Days

RIVERSIDE (CNS) – A run of 34 increases in 37 days totaling 44.3 cents that lifted the average price of a gallon of self-serve regular gasoline in Riverside County to its highest amount since Nov. 30 ended Friday with a decrease of a half-cent to $4.871. The average price is 6.8 cents more than one week ago and 32.8 cents higher than one month ago but 78.6 cents less than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.502 since rising to a record $6.373 on Oct. 5, 2022. "New reports from the Energy Information Administration and California Energy Commission indicate that both gasoline supplies and refinery utilization rates have improved in the past week, and there are fewer sales for Los Angeles wholesale gasoline, which is driving that cost down significantly," said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager. "We have already seen some of the higher-priced cities post price drops and that trend should continue as long as wholesale prices stay at their current level or keep dropping." The national average price rose for the 10th consecutive day following a run of 29 decreases in 31 days totaling 15.3 cents, increasing seven- tenths of a cent to $3.474. It has increased 11.7 cents over the past 10 days, including a half-cent Thursday. The national average price is 8.4 cents more than one week ago and 4.3 cents more than one month ago but 84.4 cents lower than one year ago. It has dropped $1.542 since rising to a record $5.016 on June 14. Copyright 2023, City News Service, Inc.