News
Average Riverside County Gas Price Drops for 14th Consecutive Day
RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Friday for the 14th consecutive day, decreasing 3.3 cents to $5.688.
The average price has dropped 46.3 cents over the past 14 days, including 3.8 cents Thursday, 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 22.4 cents less than one week ago and 45.5 cents lower than one year ago but 22 cents more than one month ago. It has dropped 68.5 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.
“Los Angeles wholesale gasoline prices did move up this week after the Hamas terrorist attacks on Israel,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“But both oil prices and wholesale prices dropped in the last couple of days and today wholesale prices are at about the same level as in late June, when average gas prices were under $5 a gallon.”
The national average price dropped for the 15th consecutive day and 23rd time in 25 days, decreasing 1.8 cents to $3.628. It has dropped 25.3 cents over the past 25 days, including 1.7 cents Thursday.
The national average price is 11.8 cents less than one week ago, 22 cents lower than one month ago and 28.5 cents below what it was one year ago. It has dropped $1.388 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 13, 2023
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