The average price of a gallon of self-serve regular gasoline in Riverside County was at its lowest amount for a Memorial Day since 2021 Monday, dropping three-tenths of a cent to $4.652, its ninth decrease in 10 days.
The average price has dropped 4.6 cents over the past 10 days, including three-tenths of a cent Sunday, according to figures from the AAA and the Oil Price Information Service.
The run of dropping prices follows a nine-day streak of increases totaling 11.4 cents.
The average price is 3.3 cents less the one week ago, eight-tenths of cent less than one month ago and 33.9 cents less than one year ago. It has dropped $1.721 since rising to a record $6.373 on Oct. 5, 2022.
The 2024 Memorial Day average of $4.986 was the second-highest since 2021, only behind the $6.032 average in 2022, three months after Russia’s invasion of Ukraine which impacted the global supply of oil. The 2021 average was $4.138.
The national average price was also at its lowest amount for a Memorial Day since 2021, when it was $3.04, dropping two-tenths of a cent to $3.179. It has fallen three consecutive days, decreasing 1.7 cents, including six-tenths of a cent Sunday.
The national average price is unchanged from one week ago, 2.6 cents more than one month ago and 41.3 cents less than one year ago. It has dropped $1.837 since rising to a record $5.016 on June 14, 2022.
Supply and demand are playing a role in the stable pump prices as crude oil supply is currently surpassing demand, according to the AAA.