The average price of a gallon of self-serve regular gasoline in Riverside County dropped Friday for the 60th time in 61 days, falling seven-tenths of a cent to $4.767, its lowest amount since June 30.
The average price is 7.5 cents less than one week ago, 42.3 cents lower than one month ago and 8.7 cents cheaper than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped $1.606 since rising to a record $6.373 on Oct. 5, 2022.
The national average price rose two-tenths of a cent to $3.248. It was unchanged for the previous two days and dropped for 61 days in a row, including four-tenths of a cent Tuesday, before that.
The national average price is 1.7 cents less than one week ago, 21.4 cents lower than one month ago and 22.2 cents cheaper than one year ago. It has dropped $1.75 since rising to a record $5.016 on June 14, 2022.
“Gas price reductions are slowing down, but it appears there is some room for prices to drop further as long as wholesale prices do not significantly rise,” said Doug Shupe, the Automobile Club of Southern California’s corporate communications manager.
“The main reasons for the downward pressure on retail prices include an ample supply in the market and a continual recovery from the September price spike. Also, as we get closer to winter, gas demand historically drops and retail prices follow.”