The average price of a gallon of self-serve regular gasoline in Riverside County decreased for the fourth consecutive day Saturday following a run of 18 increases in 19 days, falling nine-tenths of a cent to $6.307.
The average price set records for 16 straight days, was unchanged on June 13 and rose to a record high of $6.33 on June 14. It then dropped one-tenth of a cent Wednesday, seven-tenths of a cent Thursday and six-tenths of a cent Friday.
It is seven-tenths of a cent less than one week ago, but 32.8 cents higher than one month ago and $2.131 greater than one year ago, according to figures from the AAA and the Oil Price Information Service.
The dropping prices stem from “a plunge of nearly 60 cents on the Los Angeles wholesale gasoline market this past week,” caused by “a very volatile week for the U.S. economy and a slight downturn in consumer demand reported by the EIA, which is likely due to record high prices,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, referring to the U.S. Energy Information Administration.
The average price has risen $1.592 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 of a gallon of self-serve regular gasoline dropped for the fourth consecutive day following an 18-day streak of increases, decreasing 1.1 cents to $4.989. The average price rose 41.5 cents during the 18-day streak, setting a record each day. It dropped two-tenths of a cent Wednesday, a half-cent Thursday and nine-tenths of a cent Friday.