The average price of a gallon of self-serve regular gasoline in Riverside County recorded its largest daily increase since Feb. 17 Saturday for the second consecutive day, rising 3.5 cents to $5.209, its highest amount since Nov. 20.
The average price has risen for 28 consecutive days, increasing 36.7 cents, including 3 cents Friday, according to figures from the AAA and the Oil Price Information Service. The streak of increases follows a run of six decreases in seven days totaling 1.7 cents.
The average price is 11 cents more than one week ago and 36 cents higher than one month ago, but eight-tenths of a cent less than one year ago. It has dropped $1.164 since rising to a record $6.373 on Oct. 5.
The national average price dropped for the second consecutive day following a run of 26 increases in 30 days totaling 31.2 cents, decreasing four-tenths of a cent to $3.869. It is 2.3 cents more than one week ago and 30 cents higher than one month ago, but 4.9 cents less than one year ago.
The national average price has dropped $1.147 since rising to a record $5.016 on June 14, 2022.
The potential for hurricane developments and forecasts of an expanding heat dome over Texas, Oklahoma and Kansas next week could push oil prices higher, according to Andrew Gross, an AAA national public relations manager. Refineries in those states may have to curb production to deal with the sizzling temperatures, Gross said.
The cost of oil accounts for more than 50% of the pump price, according to Gross.