Average Riverside County Gas Price Ends Streak of Decreases

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County was unchanged Monday at $4.813, ending a streak of nine decreases in 10 days. The average price has dropped 6.3 cents over the past 11 days, including six-tenths of a cent Sunday, according to figures from the AAA and Oil Price Information Service. The decreases follow a run of 34 increases in 37 days totaling 44.3 cents. The average price is 5.4 cents less than one week ago and $1.045 lower than one year ago, but 11 cents more than one month ago. It has dropped $1.56 since rising to a record $6.373 on Oct. 5, 2022. The national average price dropped for the six time in seven days, decreasing three-tenths of a cent to $3.443. It has fallen 3 cents over the past seven days, including three-tenths of a cent Sunday. The national average price is 81.2 cents lower than one year ago, but 3.3 cents more than one month ago. It has dropped $1.60 since rising to a record $5.016 on June 14. With the global oil price plunging into the low-to-mid $60 per-barrel range for the first time since August 2021 and the fact that "the cost of oil accounts for 55% of what we pay for gas, it’s fair to wonder how soon prices will drop at the pump," said Andrew Gross, an AAA national public relations manager. "Gas stations paid for the fuel that is in their underground tanks weeks ago, when oil was nearly $15 more a barrel," Gross said. "So it will take time for any savings due to cheaper oil to be seen at the pump and that is assuming the oil price does not rise again." Copyright 2023, City News Service, Inc.