The average price of a gallon of self-serve regular gasoline in Riverside County rose Monday to a record for the third consecutive day, increasing eight-tenths of a cent to $6.031, one day after rising 1.8 cents.
The average price is 4.2 cents more than one week ago, 28.4 cents more than one month ago and $1.898 higher than one year ago, according to figures from the AAA and the Oil Price Information Service. The previous Memorial Day record was $4.281, set in 2012.
The average price has risen $1.316 since Russia’s invasion of Ukraine on Feb. 24 “sent shock waves through the oil market that have kept oil costs elevated,” said Andrew Gross, an AAA national public relations manager.
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.
The national average price rose nine-tenths of a cent to a record $4.619. The national average has set records 18 of the past 21 days.