RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County recorded its largest daily increase since Feb. 17 Friday, rising 3 cents to $5.174, its highest amount since Nov. 21.
The average price has risen for 27 consecutive days, increasing 33.2 cents, including one-tenth of a cent Thursday, 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 9.4 cents more than one week ago and 32.1 cents higher than one month ago but 4.7 cents less than one year ago. It has dropped $1.199 since rising to a record $6.373 on Oct. 5.
“Oil Price Information Service reported (Thursday) morning that Los Angeles and San Francisco wholesale gasoline prices are surging because there is limited supply on the wholesale market and a lot of demand from refiners looking to buy excess supply,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“The combination of those factors is continuing to put upward pressure on prices at the pump.”
A run of 26 increases in 30 days to the national average price totaling 31.2 cents ended Friday with a decrease of two-tenths of a cent to $3.873. It is 3.2 cents more than one week ago and 31 cents higher than one month ago but 5.8 cents less than one year ago.
The national average price has dropped $1.143 since rising to a record $5.016 on June 14, 2022.
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