Average Riverside County Gas Price Drops For 10th Time in 12 Days

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County resumed decreasing Tuesday, dropping 1.3 cents to $4.80, one day after a run of nine decreases in 10 days totaling 6.3 cents ended when it was unchanged. The average price is 5.9 cents less than one week ago and $1.068 lower than one year ago, but 8.4 cents more than one month ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.573 since rising to a record $6.373 on Oct. 5, 2022. The national average price dropped for the seventh time in eight days, decreasing seven-tenths of a cent to $3.436. It has fallen 3.7 cents over the past eight days, including three-tenths of a cent Monday. It is 3 cents less than one week ago and 81.6 cents lower than one year ago but 3.4 cents more than one month ago. The national average price has dropped $1.58 since rising to a record $5.016 on June 14. "The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week, but it may be temporary in nature, and is unlikely to be a long lasting trend," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real- time gas price information from more than 150,000 stations. "While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. "Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check." Copyright 2023, City News Service, Inc.