19:T744,

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped a half-cent Monday to $4.769, a day after rising three-tenths of a cent.

The average price is eight-tenths of a cent less than one week ago, 3.4 cents less than one month ago and $1.127 lower than one year ago, according to figures from the AAA and the Oil Price Information Service. It has dropped $1.604 since rising to a record $6.373 on Oct. 5.

The national average price rose one-tenth of a cent to $3.506, its sixth consecutive increase. It has risen 7.1 cents over the past six days and 6.7 cents since one week ago, including one-tenth of a cent Sunday. It is 11.6 cents more than one month ago, 68.6 cents less than one year ago and has dropped $1.512 since rising to a record $5.016 on June 14.

Saudi Arabia will cut oil production by 500,000 barrels per day from May until the end of the year in coordination with some other OPEC and non-OPEC participating countries in the Declaration of Cooperation, a Ministry of Energy official announced Sunday.

The move could cause increases in oil and gas prices. This voluntary cut is in addition to the reduction in production agreed to at the 33rd OPEC and non-OPEC ministerial meeting on Oct. 5 of last year.

The official emphasized the production cut “is a precautionary measure aimed at supporting the stability of the oil market.”

“I would largely expect oil prices to rise $3-$6 per barrel as the market prices this in, but again, to the motorist filling up, the initial effect will be limited to a ball park of 5-15c/gal,” tweeted Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.

Average Riverside County Gas Price Drops a Half-Cent