RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped for the fifth time in the last six days Wednesday, decreasing a half-cent to $4.854.
The average price is 1.7 cents less than one week ago, 26.3 cents more than one month ago, and 88 cents less than one year ago. It has dropped $1.519 since rising to a record $6.373 on Oct. 5, 2022.
The national average price remained unchanged at $3.466. It is 2 cents more than one week ago and 4.8 cents more than one month ago, but 85 cents less than one year ago, and has dropped $1.55 since rising to a record $5.016 on June 14.
“With the transition to more expensive summer gasoline underway coast to coast, wholesale gasoline prices continue to inch up at a rate typical for this time of year, reflected in the national average rising for the second straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“While oil prices edged slightly lower on weaker outlooks for economic growth, continued refinery maintenance and the higher cost of seasonal blends of fuel are offsetting oil’s decline. The best news for gasoline prices is how significant a drop we’ve seen from year-ago levels, with more disinflation to come in the weeks ahead, even as gas prices are likely to inch up.”
Copyright 2023, City News Service, Inc.