Average Riverside County Gas Price Drops for Fourth Time in Five Days

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Tuesday for the fourth time in five days following a run of 34 increases in 37 days totaling 44.3 cents, decreasing eight-tenths of a cent to $4.859. The average price dropped three consecutive days, then was unchanged on Monday, according to figures from the AAA and Oil Price Information Service. It is seven-tenths of a cent more than one week ago and 27.9 cents higher than one month ago but 87.3 cents less than one year ago. The average price has dropped $1.514 since rising to a record $6.373 on Oct. 5, 2022. The national average price dropped seven-tenths of a cent to $3.466, the second decrease in three days after a run of 10 increases in 11 days totaling 11.7 cents. It is 4.9 cents more than one week ago and 5.2 cents higher than one month ago but 85.9 cents less than one year ago. The national average price has dropped $1.55 since rising to a record $5.016 on June 14. "With the transition to more expensive summer gasoline underway coast to coast, wholesale gasoline prices continue to inch up at a rate typical for this time of year, reflected in the national average rising for the second straight week," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations. "While oil prices edged slightly lower on weaker outlooks for economic growth, continued refinery maintenance and the higher cost of seasonal blends of fuel are offsetting oil’s decline. The best news for gasoline prices is how significant a drop we’ve seen from year-ago levels, with more disinflation to come in the weeks ahead, even as gas prices are likely to inch up." Copyright 2023, City News Service, Inc.