The average price of a gallon of self-serve regular gasoline in Riverside County increased seven-tenths of a cent Monday to $6.068.
The average price is 1.7 cents less than one week ago, but 29.1 cents more than one month ago and $1.382 more than one year ago, according to figures from the AAA and Oil Price Information Service. It has risen $1.517 since the joint U.S./Israel attack on Iran on Feb. 28, moving within 30.5 cents of the record $6.373 set on Oct. 5, 2022.
The national average price increased two-tenths of a cent to $4.515. It is a half-cent less than one week ago, but 45.7 cents more than one month ago and $1.336 more than one year ago. The national average price has risen $1.533 since the attack on Iran, moving within 50.1 cents of the record $5.016 set June 14, 2022.
“The national average price of gasoline spent much of last week drifting lower after jumping early in the week as oil prices softened on hopes that diplomatic progress between the U.S. and Iran could help ease supply concerns,” Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, said in a statement.
“However, that optimism faded after President Trump’s meeting with China’s Xi Jinping failed to produce a breakthrough on Iran, while renewed warnings toward Tehran have helped push oil prices higher again. With global oil inventories continuing to trend toward historically tight levels, markets remain extremely sensitive to geopolitical developments and potential supply disruptions. As a result, gasoline and diesel prices are likely to remain volatile, and with Memorial Day approaching, any sustained increase in oil prices could begin pushing retail fuel prices higher again in the weeks ahead.”