News
Average Riverside County Gas Price Rises for 10th Time in 11 Days
RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose Tuesday for the 10th time in 11 days, increasing six-tenths of a cent to $4.819.
The average price has risen 5.5 cents over the past 11 days, including a half-cent Monday, according to figures from the AAA and the Oil Price Information Service. It is 3.1 cents more than one week ago, but 3.5 cents less than one month ago and $1.202 lower than one year ago.
The average price has dropped $1.554 since rising to a record $6.373 on Oct. 5.
The national average price dropped two-tenths of a cent to $3.541 after a run of four increases in five days totaling 2.1 cents, including a half- cent Monday. It is 1.2 cents more than one week ago, but 4.9 cents less than one month ago and $1.137 lower than one year ago.
The national average price has dropped $1.475 since rising to a record $5.016 on June 14, 2022.
“After declining going into July 4, average gasoline prices have struggled to find much momentum in either direction as the price of crude oil has continued to bounce around, digesting offsetting news on both sides of the scale: supply, which OPEC+ continues to try and tighten, and weak global demand as monetary policy restrains growth,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“I don’t see much chance of a major break out of the tight range we’ve held since April, but there is rising risk for hurricane season and potential disruptions as major forecaster Colorado State University released its third forecast for the 2023 hurricane season, showing a sharp uptick in the number of expected major hurricanes.
“Heading into the prime of summer gasoline demand, any disruptions, whether storms or unexpected outages and what might be a small challenge outside of the summer driving season, could be a larger problem, so there is some risk to gas prices going into the second half of summer.”
Copyright 2023, City News Service, Inc.
By: Pristine Villarreal
July 11, 2023
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