The average price of a gallon of self-serve regular gasoline in Riverside County dropped Sunday for the fourth consecutive day, its first four-day streak of decreases since Oct. 31-Nov. 3, 2020.
The average price dropped four-tenths of a cent to $4.616, according to figures from the AAA and Oil Price Information Service. It has dropped 2.2 cents over the past four days, including a half-cent Saturday and nine-tenths of a cent Friday, its largest decrease since April 28, 2020.
The average price is 2.4 cents less than one week ago but 10.7 cents more than one month ago and $1.504 higher than one year ago.
The declining pump prices are the result of a significant drop in the price of crude oil and “because this is traditionally the time of year with the lowest demand,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange has dropped 21.72% from its 52-week high of $84.65 — reached on Oct. 26, 2021 — to $66.26 on Friday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.
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