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Average Riverside County Gas Price Drops Again After 54 Increases in 60 Days
RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Friday for the second consecutive day following the run of 54 increases in 60 days totaling $1.058 that boosted it to its highest amount since Oct. 18.
The average price dropped 1.9 cents Friday to $5.875, 35.4 cents more than one week ago, 63.1 cents higher than one month ago and 43.4 cents above what it was one year ago, according to figures from the AAA and Oil Price Information Service.
The average price has dropped 49.8 cents since rising to a record $6.373 on Oct. 5.
“Refinery production and imports have improved the Southern California fuel supply situation, causing wholesale prices to drop for the last few days,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“According to Oil Price Information Service, the PBF Energy refinery in Torrance and the Wilmington portion of the Phillips 66 refinery have both started multi-week planned maintenance projects this week. However, OPIS analysts say large shipments of imported gasoline are expected to arrive on the West Coast in the coming days, which will likely offset the upward pressure on pump prices caused by the refinery maintenance.”
The national average price dropped for the fourth consecutive day following an 11-day streak of increases totaling 7.8 cents, decreasing eight- tenths of a cent to $3.859. It is seven-tenths of a cent less than one week ago but a half-cent more than one month ago and 17.5 cents higher than one year ago.
The national average price has dropped $1.157 since rising to a record $5.016 on June 14, 2022.
Copyright 2023, City News Service, Inc.
By: Pristine Villarreal
September 22, 2023
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