Riverside County Gas Prices Declining

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped nine-tenths of a cent Thursday to $4.786.

The average price is 5.5 cents less than one week ago, 5.4 cents more than one month ago, and $1.116 lower than one year ago, according to figures from the AAA and Oil Price Information Service.

It has dropped $1.587 since rising to a record $6.373 on Oct. 5, 2022.

The national average price rose two-tenths of a cent to $3.438. It is 2.6 cents less than one week ago, 4.5 cents more than one month ago, and 79.9 cents less than one year ago. The national average price has dropped $1.578 since rising to a record $5.016 on June 14.

"The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week, but it may be temporary in nature, and is unlikely to be a long lasting trend," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real- time gas price information from more than 150,000 stations.

"While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week," De Haan added.

"Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check."

Copyright 2023, City News Service, Inc.