News
Average Riverside County Gas Price Drops for 12th Consecutive Day
RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Wednesday for the 12th consecutive day, decreasing 3 cents to $5.759.
The average price has dropped 39.2 cents over the past 12 days, including 3.7 cents Tuesday, according to figures from the AAA and Oil Price Information Service.
The decreasing prices follow a run of 22 increases in 24 days totaling 86.6 cents.
The average price is 26.7 cents less than one week ago and 48.7 cents lower than one year ago but 35.2 cents more than one month ago. It has dropped 61.4 cents since rising to a record $6.373 on Oct. 5, 2022.
The decreasing prices stem from Gov. Gavin Newsom sending a letter to the California Air Resources Board on Sept. 28 directing it to allow refineries to begin making and distributing winter-blend gasoline, which is cheaper to produce.
Stations normally cannot start selling winter blend gas until Nov. 1.
“Uncertainty amid violence in the Middle East could send pump prices creeping upward again but we won’t know for several days,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, told City News Service.
“While some analysts say we’ll likely not see much of an impact, oil prices did spike in overnight trading following the Hamas attack on Israel, but not enough to impact gas prices. For now, our pump prices continue to move lower.”
The national average price dropped for the 13th consecutive day and 21th time in 23 days, decreasing 1.9 cents to $3.663. It has dropped 21.8 cents over the past 22 days, including 2.2 cents Tuesday.
The national average price is 12.2 cents less than one week ago, 16.9 cents lower than one month ago and 26 cents below what it was one year ago. It has dropped $1.353 since rising to a record $5.016 on June 14, 2022.
The run of decreases follows an 11-day streak of increases totaling 7.8 cents.
Copyright 2023, City News Service, Inc.
By: Pristine Villarreal
October 11, 2023
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