A run of 16 increases in 17 days that boosted the average price of a gallon of self-serve regular gasoline in Riverside County to its highest amount since Oct. 20, 2012, ended Friday when it was unchanged, remaining at $4.482.
The average price increased 13 cents over the previous 17 days, including six-tenths of a cent Thursday, according to figures from the AAA and Oil Price Information Service. It rose six consecutive days, was unchanged Oct. 18 and resumed increasing Oct. 19.
The average price is 3.2 cents more than one week ago, 16.5 cents higher than one month ago and $1.361 greater than one year ago.
The 2012 figure included stations in San Bernardino County.
“Southern California gas price averages are still 13 to 20 cents below their all-time record levels in 2012, but several Northern California communities set new records this week when the heavy rainstorm affected their local refinery production,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
“Oil prices remain at very high levels and that is driving up prices around the U.S. during a time we would normally see price decreases.”
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has increased 131.38% from its 52-week low of $35.79 on Oct. 30, 2020, to $82.81 Thursday because of higher demand following the elimination of coronavirus-related restrictions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.