The average price of a gallon of self-serve regular gasoline in Riverside County fell for the sixth consecutive day Sunday, decreasing seven-tenths of a cent to $5.243.
The average price has dropped 4.7 cents during the streak, including eight-tenths of a cent Saturday, according to figures from the AAA and Oil Price Information Service. It is 4.7 cents less than one week ago, but 5.7 cents more than one month ago and 45.3 cents higher than one year ago.
The average price has dropped $1.13 since rising to a record $6.373 on Oct. 5, 2022.
“After a few months of supply interruptions from refinery breakdowns and maintenance, Oil Price Information Service reports that California refineries have been operating at above 86% of their capacity for the past two weeks,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“Additionally, OPIS reported the U.S Energy Information Administration believes that the country has already experienced its highest gas price point for the first half of this year. Although California prices often go against national trends, that prediction is an encouraging sign for further price drops at the pump.”
The national average price dropped six-tenths of a cent to $3.653. It is four-tenths of a cent less than one week ago, but 7.1 cents more than one month ago and 9.2 cents more than one year ago. The national average price has dropped $1.363 since rising to a record $5.016 on June 14, 2022.
“From a demand perspective, we have entered the pre-Memorial Day funk,” said Andrew Gross, an AAA national public relations manager. “And the cost of a barrel of oil is nearly $10 less than two weeks ago, as oil prices have fallen into the upper $70s. This may keep pump prices somewhat flat for the immediate future.”