The average price of a gallon of self-serve regular gasoline in Riverside County rose for the second consecutive day Sunday, ticking up one-tenth a of a cent to $2.667 after rising three-tenths of a cent on Saturday.
The average price had dropped for 56 out of 57 days before remaining unchanged on Friday.
It is one cent lower than one week ago, 26.4 cents lower than one month ago, and $1.39 cheaper than one year ago, according to figures from the AAA and Oil Price Information Service.
“The Energy Information Administration noted that gasoline inventories dropped by a significant 3.7 million gallons in the past week, which means there is more driving occurring than in prior weeks,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
“Prices are still declining, but if demand continues at this higher pace, we may be nearing the bottom of the price curve.”
The dropping prices are largely the result of a sharp decrease in demand as people reduced driving because of stay-at-home orders and higher unemployment stemming from the coronavirus outbreak, which caused gasoline inventories to increase, according to Spring.