Riverside County Gas Prices Drop for Sixth Consecutive Day

City News Service

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County decreased for the sixth consecutive day Monday following a run of 18 increases in 19 days, falling three-tenth of a cent to $6.303.

The average price set records for 16 straight days, was unchanged on June 13 and rose to a record high of $6.33 on June 14. It then dropped seven- tenths of a cent Thursday, six-tenths of a cent Friday, nine-tenths of a cent Saturday and one-tenth of a cent Sunday.

It is 1.9 cents less than one week ago, but 31.8 cents higher than one month ago and $2.123 greater than one year ago, according to figures from the AAA and the Oil Price Information Service.

The dropping prices stem from “a plunge of nearly 60 cents on the Los Angeles wholesale gasoline market this past week,” caused by “a very volatile week for the U.S. economy and a slight downturn in consumer demand reported by the EIA, which is likely due to record high prices,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, referring to the U.S. Energy Information Administration.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.

The national average price of a gallon of self-serve regular gasoline dropped for the sixth consecutive day following an 18-day streak of increases, decreasing two-tenths of a cent to $4.981. The average price rose 41.5 cents during the 18-day streak, setting a record each day. It dropped a half-cent Thursday, nine-tenths of a cent Friday, 1.1 cents Saturday and six-tenths of a cent Sunday.

Copyright 2022, City News Service, Inc.

CNS-06-20-2022 03:24

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