Average Riverside County Gas Price Again Sets Labor Day Record

City News Service

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose Monday to a record high for Labor Day for the third consecutive year, increasing four-tenths of a cent to $5.285, its highest amount since Nov. 18.

The increase comes one day after a run of 38 increases in 42 days totaling 43.9 cents ended when it was unchanged, according to figures from the AAA and Oil Price Information Service. The average price is 2.1 cents more than one week ago, 26 cents higher than one month ago and 12.3 cents above what it was one year ago.

The average price has dropped $1.088 since rising to a record $6.373 on Oct. 5.

The previous Labor Day record was $5.171.

The Labor Day record is the result of a “dropoff in production … in addition to the continued higher oil prices and inflation that drove California price averages over $5 a gallon in the past month,” Marie Montgomery, a public affairs specialist with the Automobile Club of Southern California, told City News Service.

“According to Oil Price Information Service and the California Energy Commission, some of the state’s refineries are undergoing planned and unplanned maintenance right now and that is part of the reason that the state’s gasoline production dropped 18% last week from the previous week, resulting in continued upward pressure on gas prices,” Montgomery said.

“OPIS says that is the biggest one-week drop in production since the week of Feb. 24.”

The national average price rose one-tenth of a cent to $3.813, following four consecutive decreases totaling 1.5 cents, including three-tenths of a cent both Saturday and Sunday. It is six-tenths of a cent less than one week ago and 1.8 cents lower than one month ago, but 2.4 cents more than one year ago.

The national average price has dropped $1.203 since rising to a record $5.016 on June 14, 2022.

Copyright 2023, City News Service, Inc.

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