The average price of a gallon of self-serve regular gasoline in Riverside County recorded its smallest increase since Feb. 28 Sunday, rising eight-tenths of a cent to a record $5.724.
Following increases of 14.2 cents Wednesday and 11 cents Thursday, the average price rose 3.5 cents Friday and 2.4 cents Saturday, according to figures from the AAA and Oil Price Information Service. It has risen 20 consecutive days and 26 of the past 27, increasing $1.052, reaching record highs for 20 consecutive days and 24 of the past 25.
The average price is 47.3 cents more than one week ago, $1.051 higher than one month ago and $1.911 greater than one year ago.
The smaller increases are the result of oil prices beginning to drop Wednesday after the United Arab Emirates announced it would increase oil production and “encourage other OPEC members to do the same,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications and programs manager.
After rising to $127.98 on Tuesday, its highest amount since July 2008, the price of a barrel of Brent crude on the Intercontinental Exchange dropped $16.84 to $111.14 on Wednesday, its biggest decline in a day since April 2020, and to $109.33 on Thursday. It rose to $112.67 on Friday.
Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.
Brent crude is the global oil benchmark, accounting for approximately 80% of the world’s crude oil.