News
Average Riverside County Gas Price Rises to Highest Amount Since Nov. 28
RIVERSIDE (CNS) – The 10th consecutive increase pushed the average price of a gallon of self-serve regular gasoline in Riverside County to its highest amount since Nov. 28 Tuesday, rising 1.8 cents to $4.979.
The average price has risen 13.7 cents over the past 10 days, including 1.1 cents Monday, according to figures from the AAA and the Oil Price Information Service. The streak of increases follows a run of six decreases in seven days totaling 1.7 cents.
The average price is 13 cents more than one week ago and 21.1 cents higher than one month ago, but 55.3 cents less than one year ago. It has dropped $1.394 since rising to a record $6.373 on Oct. 5.
The national average price rose for the 14th consecutive day, increasing 2.3 cents to $3.78. It has increased 21.7 cents over the past 14 days, including a half-cent Monday. It is 14.4 cents more than one week ago and 24.2 cents higher than one month ago but 43.2 cents less than one year ago.
The national average has dropped $1.236 since rising to a record $5.016 on June 14, 2022.
“Gas prices suddenly soared over the last week due to heat-related refinery outages that impacted some of the largest refineries in the country, at a time when summer gasoline demand peaks and as gasoline inventories slid to their lowest July level since 2015,” said Patrick De Hagan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“In addition, oil prices surged to their highest level in months, rising to over $80 per barrel due to (Strategic Petroleum Reserve) releases coming to an end and concerns over cuts in supply from Saudi Arabia and Russia, the second and third largest oil producers in the world.
“Motorists have seen average gasoline and diesel prices rise at the fastest pace in over a year, but the rise seen in the last week should now start slowing. However, as we get ever closer to the peak of hurricane season, any new issues could easily push the national average over $4 per gallon for the first time in 2023.”
Copyright 2023, City News Service, Inc.
By: Pristine Villarreal
August 1, 2023
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