News
Average Riverside County Gas Price Drops for 25th Consecutive Day
RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped Tuesday for the 25th consecutive day, decreasing 2.5 cents to $5.406.
The average price has dropped 74.5 cents over the past 25 days, including nine-tenths of a cent on Monday, according to figures from the AAA and Oil Price Information Service. The decreases follow a run of 22 increases in 24 days totaling 86.6 cents.
The average price is 19.2 cents less than one week ago, 52.9 cents lower than one month ago and 22.7 cents cheaper than one year ago. It has dropped 96.7 cents since rising to a record $6.373 on Oct. 5, 2022.
The national average price dropped for the 26th consecutive day and 34th time in 36 days, decreasing four-tenths of a cent to $3.545. It has dropped 33.6 cents over the past 36 days, including one-tenth of a cent Monday.
The national average price is 3.9 cents less than one week ago, 30.2 cents less than one month ago and 24.8 cents less than one year ago. It has dropped $1.471 since rising to a record $5.016 on June 14, 2022.
The run of dropping prices follows an 11-day streak of increases totaling 7.8 cents.
“As air temperatures trend downward as we progress into fall, gasoline prices have seen another week of their own seasonal fall,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real- time gas price information from more than 150,000 stations.
“The national average is on the cusp of falling to the lowest level since March, something that could happen this week. Demand for gasoline continues to weaken as we get closer to seeing the first snow flurries fly across some areas of the country, and against the backdrop of winter, there isn’t as much desire to get out.
“Coupled with cheaper winter gasoline and refinery issues that have faded into the rearview thanks to the drop in demand, gasoline prices have been weakening even as oil prices have climbed. This puts pressure on refineries as margins flatten and gasoline becomes the unwanted byproduct of producing other products like diesel and jet fuel, which command a higher price than gasoline.
“However, there’s only so much refineries can do, because they must produce gasoline in high quantities to get those premium barrels. For now, that trend will likely mean further declines in the weeks ahead, before prices bottom out between Thanksgiving and Christmas.”
Copyright 2023, City News Service, Inc.
By: Pristine Villarreal
October 24, 2023
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