The average price of a gallon of self-serve regular gasoline in Riverside County resumed increasing Saturday, rising a half-cent to $4.487, one day after a run of 16 increases in 17 days ended when it was unchanged.
The average price increased 13 cents during the run to its highest amount since Oct. 20, 2012, 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 2.9 cents more than one week ago, 16.7 cents higher than one month ago and $1.36 greater than one year ago.
The 2012 figure included stations in San Bernardino County.
The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has increased 133.5% from its 52-week low of $35.79 on Oct. 30, 2020, to $83.57 Friday because of higher demand following the elimination of coronavirus-related restrictions.
Friday’s settlement value is the fifth-highest of the year. It has risen three of the past four sessions.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.