News
Average Riverside County Gas Price Drops for 11th Consecutive Day
RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Tuesday for the 11th consecutive day, decreasing 3.7 cents to $5.789.
The average price has dropped 36.2 cents over the past 11 days, including nine-tenths of a cent Monday, 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 27.9 cents less than one week ago and 50.5 cents lower than one year ago but 39.3 cents more than one month ago. It has dropped 58.4 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.
The national average price dropped for the 12th consecutive day and 20th time in 22 days, decreasing 2.2 cents to $3.682. It has dropped 19.9 cents over the past 22 days, including a half-cent Sunday.
The national average price is 11.6 cents less than one week ago, 14.5 cents lower than one month ago and 23.7 cents below what it was one year ago. It has dropped $1.334 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.
“At long last, the decline in gas prices that we’ve been waiting to see has arrived, and the locomotive of falling prices has only recently started on a downhill, gaining momentum,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“However, some new caution signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region. I’m hopeful the violence won’t spread, limiting the impact of these falling gas prices.
“Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices potentially falling nearly triple that in California.”
Copyright 2023, City News Service, Inc.
By: Pristine Villarreal
October 10, 2023
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