The average price of a gallon of self-serve regular gasoline in Riverside County dropped under $6 for the first time since May 1 Wednesday, decreasing 1.6 cents to $5.985.
The average price has dropped seven consecutive days, decreasing 7.8 cents, including six-tenths of a cent Tuesday, according to figures from the AAA and Oil Price Information Service.
Despite the recent decreases, the average price is 10.5 cents more than one month ago and $1.331 higher than one year ago. The average price has increased $1.43 since the joint U.S./Israel attack on Iran began Feb. 28, moving within 38.8 cents of the record $6.373 set on Oct. 5, 2022.
The national average price dropped for the sixth consecutive day, decreasing 3.2 cents to $4.459. It has dropped 10.5 cents over the past six days, including 1.6 cents Monday.
The streak of decreases follows a four-day streak of increases totaling 5.1 cents.
The national average price is 9.6 cents less than one week ago, but 34.8 cents more than one month ago and $1.285 higher than one year ago. It has risen $1.477 since the attack on Iran, moving within 55.7 cents of the record $5.016 set June 14, 2022.
“Average gasoline prices declined in 40 states over the last week as falling oil prices helped offset earlier price cycling in many markets, bringing relief to motorists after several states had already seen sharp increases,” 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 released Tuesday.
“Much of the decline came after renewed optimism surrounding a potential U.S.-Iran agreement pushed oil prices lower, easing geopolitical pressure on energy markets. In many states, that drop created breathing room after recent price cycles and allowed pump prices to fall again.”