Average Riverside County Gas Price Unchanged

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County was unchanged Tuesday, remaining at $4.841, after changing by one-tenth of a cent each of the previous two days.

The average price is 2.4 cents less than one week ago and 87.8 cents lower than one year ago but 6.3 cents more than one month ago, according to figures from the AAA and the Oil Price Information Service. It rose one-tenth of a cent Monday and dropped one-tenth of a cent Sunday.

The average price has dropped $1.532 since rising to a record $6.373 on Oct. 5, including one-tenth of a cent Sunday.

The national average price dropped for the fifth consecutive day following a 23-day streak of increases totaling 25.1 cents, decreasing 1.1 cents to $3.656. It has dropped 3 cents over the past five days and is 2 cents less than one week ago and 46.7 cents lower than one year ago but 21.6 cents more than one month ago.

The national average price has dropped $1.36 since rising to a record $5.016 on June 14.

"For the first time in several weeks, the national average price of gasoline has seen a decline, and while the fall was quite small, the bigger news may be that we may have seen a short-term peak for the price of gasoline," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.

"While any unexpected outages could push it up again, there is a rising possibility that barring such, we may have seen our high water mark for the national average for the summer. Typically, gas prices peak between May and June, and with the oil market showing significant cracks in strength, we may have seen the peak in the national average already occur, a few weeks earlier than average."

Copyright 2023, City News Service, Inc.