Gas Prices Expected to Rise After Recent Declines

Riverside County drivers are seeing gas prices tick upward after weeks of steady decreases, with analysts predicting further increases due to international tensions affecting crude oil markets.

The average price of regular gasoline in Riverside County rose three-tenths of a cent today to $4.456 per gallon, marking the second increase in 28 days after a sustained period of declining prices. The county average remains 5.5 cents lower than one week ago and 24.2 cents below last month's levels.

Nationally, gas prices have fallen five cents over the past two weeks, bringing the average to $3.21 per gallon. However, industry experts expect this downward trend to reverse due to Israel's June 13th attack on Iran, which has caused crude oil prices to surge.

Patrick De Haan, head of petroleum analysis at GasBuddy, predicts the national average could reach $3.25 to $3.40 per gallon by July 4th based on current market conditions. The Lundberg Survey indicates customers can expect retail gas prices to climb 12 to 20 cents per gallon as wholesale gasoline prices increase.

Some U.S. markets are already experiencing price jumps at the pump due to the wholesale price hikes following the Middle East tensions. The international incident has created volatility in oil markets that typically translates to higher costs for consumers within days or weeks.

Despite the expected increases, there is some relief for drivers as American refiners have raised capacity usage to 94.3%, and summer gasoline demand appears well-supplied. This increased refining capacity could help moderate price spikes during peak driving season.

Current prices remain significantly lower than previous highs, with Riverside County averaging 27 cents below last year's levels and $1.917 lower than the record $6.373 reached in October 2022.