RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose for the 21st consecutive day Tuesday, increasing 1.3 cents to $4.716, its highest amount since Dec. 5.
The average price has increased 28.3 cents over the past 21 days, including a half-cent Monday, according to figures from the AAA and Oil Price Information Service.
It is 13.6 cents more than one week ago, 33.2 cents higher than one month ago, and 1.1 cents more than one year ago. The average price has dropped $1.657 since rising to a record $6.373 on Oct. 5, 2022.
Meanwhile, the national average price dropped for the 22nd time in the last 24 days, decreasing eight-tenths to $3.402. It has dropped 10.8 cents over the past 24 days, including three-tenths of a cent Monday.
It is 1.2 cents less than one week ago, three-tenths of a cent less than one month ago, and 13 cents lower than one year ago. The national average price has dropped $1.614 since rising to a record $5.016 on June 14.
“Oil prices have softened over the last week, helping to limit any upside at the pump, with strong economic data leading to concern that the Fed will continue to use interest rates to slow the economy,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“This could weaken demand as we head into the peak summer driving season.”
Copyright 2023, City News Service, Inc.