Gas pump
Gasoline pumps. MyNewsLA photo

The average price of a gallon of self-serve regular gasoline in Riverside County fell four-tenths of a cent Tuesday to $4.433, one day after it rose by 1 cent.

The average price is 4.7 cents more than one week ago and 8.7 cents higher than one month ago, but 16.1 cents less than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.94 since rising to a record $6.373 on Oct. 5.

The national average price fell for the third day in a row following a 17-day streak of increases, dropping three-tenths of a cent to $3.505. It is 5.9 cents more than one week ago, 31 cents higher than one month ago and 13.9 cents more than one year ago. The national average price has dropped $1.511 since rising to a record $5.016 on June 14.

“The national average price of gasoline has risen for the fifth straight week as retailers pass along the rise in wholesale gasoline prices due to continued challenges: refinery utilization that still hasn’t fully recovered from December’s cold weather, and refinery maintenance season that’s just around the corner,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.

“There appears to be little good news on the gas price front, with prices unlikely to turn around any time soon,” he added. “Because of the surge in prices last spring, many refineries that had planned maintenance deferred maintenance until 2023. With the can kicked to this year, we may have similar challenges producing enough refined products to meet demand, especially with the European Union cutting off refined products from Russia starting Feb. 5.”

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