RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose Wednesday for the 54th time in 60 days, increasing 5.2 cents to $5.90, its highest amount since Oct. 18.
The average price has risen $1.058 over the past 60 days, including 10.2 cents Tuesday, according to figures from the AAA and Oil Price Information Service. It is 43.2 cents more than one week ago, 67.2 cents higher than one month ago and 56.8 cents above what it was one year ago.
The average price has dropped 47.3 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” and “refinery issues in Southern California” which have led to lower inventory, Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, told City News Service.
“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,” Shupe said.
The national average price dropped a half-cent to $3.875, one day after an 11-day streak of increases totaling 7.8 cents ended when it decreased one-tenth of a cent. It is 2.7 cents more than one week ago, nine-tenths of a cent higher than one month ago and 20.1 cents above what it was one year ago.
The national average price has dropped $1.141 since rising to a record $5.016 on June 14, 2022.
Copyright 2023, City News Service, Inc.
