Average Riverside County Gas Price Drops for 19th Consecutive Day

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Wednesday for the 19th consecutive day, decreasing 3.6 cents to $5.562.

The average price has dropped 58.9 cents over the past 19 days, including 4.1 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 that boosted the average price to its highest amount since Oct. 12, 2022.

The average price is 19.7 cents less than one week ago, 18.4 cents lower than one month ago and 36.6 cents below what it was one year ago. It has dropped 81.1 cents since rising to a record $6.373 on Oct. 5, 2022.

The national average price dropped for the 20th consecutive day and 28th time in 30 days, decreasing nine-tenths of a cent to $3.575. It has dropped 30.6 cents over the past 30 days, including 1.6 cents Tuesday.

The national average price is 8.8 cents less than one week ago, 30.6 cents less than one month ago and 29.5 cents less than one year ago. It has dropped $1.441 since rising to a record $5.016 on June 14, 2022.

“The downward momentum has indeed gained steam, with the national average declining over the last week with again virtually every village, town, city, region, and state seeing gasoline prices fall,” 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 price of oil jumped some 5% last week, I remain steadfast that additional declines are coming to gasoline prices the way the situation stands now but remain cautious that this depends on actions that are not foreseeable, mainly the conflict in the Middle East.

“For now, the national average is likely to soon fall to its lowest level in six months. I believe the national average still has some 15 to 35 cents of declining to do the way things stand now.”

Copyright 2023, City News Service, Inc.