Average Riverside County Gas Price Drops for Eighth Time in 10 Days

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Friday for the eighth time in 10 days, decreasing a half-cent to $4.827.

The average price has dropped 3.8 cents over the past 10 days, including a half-cent Thursday, according to figures from the AAA and the Oil Price Information Service. It dropped five consecutive days, rose one-tenth of a cent Monday and was unchanged Tuesday, then resumed decreasing Wednesday.

The average price is 2 cents less than one week ago and 89 cents lower than one year ago but 5 cents more than one month ago. It has dropped $1.546 since rising to a record $6.373 on Oct. 5.

"We are seeing various factors that are putting both upward pressure and downward pressure on pump prices," Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, told City News Service. "Southern California gas price averages fell slightly over the last week partly due to lower crude oil prices.

"However, along with lower crude oil prices, we are also seeing drops in our local supply and production. Therefore, we anticipate that pump price averages will remain fairly stable for the near future."

The national average price dropped for the eighth consecutive day following a 23-day streak of increases totaling 25.1 cents, decreasing nine- tenths of a cent to $3.627. It has dropped 5.9 cents over the past eight days, including 1 cent Thursday.

The national average price is 5.5 cents less than one week ago and 51.4 cents lower than one year ago but 19.2 cents more than one month ago. It has dropped $1.389 since rising to a record $5.016 on June 14.

Copyright 2023, City News Service, Inc.