Slight Decrease Extends Run of Dropping Riverside County Average Gas Prices

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped two-tenths of a cent Wednesday to $4.81, its seventh decrease in eight days. The average price has dropped 4.3 cents over the past eight days, including a half-cent Tuesday, according to figures from the AAA and the Oil Price Information Service. It is 3 cents less than one week ago and $1.478 lower than one year ago but 3.8 cents more than one month ago. The average price has dropped $1.563 since rising to a record $6.373 on Oct. 5. A run of seven decreases in eight days to the national average price totaling 1.7 cents ended with an increase of four-tenths of a cent to $3.581. It is 1 cent less than one week ago and $1.387 lower than one year ago but 4.2 cents more than one month ago. The national average price has dropped $1.435 since rising to a record $5.016 on June 14, 2022. "It has been a quiet week for the national average, with little overall movement in average gas prices nationally even as oil prices have been a bit unstable," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations. "While the uncertainty over the direction of the economy is a major player in preventing oil’s rise, inventories of oil and gasoline do remain tight, preventing much additional downward movement as well." Copyright 2023, City News Service, Inc.