Average Riverside County Gas Price Rises to Highest Amount Since Oct. 19

City News Service

RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose 10.2 cents Tuesday to $5.848, its highest amount since Oct. 19.

The average price has risen 53 of the past 59 days, increasing $1.006, including 5.4 cents Monday and 11.5 cents Sunday, according to figures from the AAA and Oil Price Information Service. It is 40.7 cents more than one week ago, 63.9 cents more than one month ago, and 53.9 cents more than one year ago.

The average price has dropped 52.5 cents since rising to a record $6.373 on Oct. 5.

The increasing pump prices are the result of rising crude oil prices stemming from “oil supply cuts in Saudi Arabia and Russia, plus concerns over disruptions to oil exports from Libya following deadly flooding in that OPEC nation,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, told City News Service.

“Refinery issues in Southern California have led to lower inventory which is putting upward pressure on pump prices as well,” Shupe said. “It is hopeful we will see relief as early as the end of this month when some gasoline cargoes are likely to end up on the West Coast. Also, we will see additional relief when the cheaper, winter-blend fuel enters the marketplace at the end of October.”

An 11-day streak of increases to the national average price totaling 7.8 cents ended when it dropped one-tenth of a cent to $3.88. It is 4.4 cents more than one week ago, 1.1 cents more than one month ago and 20.3 cents more than one year ago.

The national average price has dropped $1.136 since rising to a record $5.016 on June 14, 2022.

Copyright 2023, City News Service, Inc.

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