The average price of a gallon of self-serve regular gasoline in Riverside County dropped for the 21st time in 22 days Tuesday, decreasing 1.8 cents to $4.898.
It dropped 20 days in a row before rising one-tenth of a cent Monday.
The average price has dropped 39.2 cents over the past 36 days, according to figures from the AAA and Oil Price Information Service. It is 8.6 cents less than one week ago and 35.2 cents less than one month ago, but 6.2 cents more than one year ago. It has dropped $1.475 since rising to a record $6.373 on Oct. 5, 2022.
The national average price dropped for the 12th consecutive day, decreasing 1.4 cents to $3.518, a day after it dropped four-tenths of a cent.
It is 6.8 cents less than one week ago, 14.1 cents less than one month ago, and 3.5 cents less than one year ago. The national average price has dropped $1.498 since rising to a record $5.016 on June 14, 2022.
“The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.
“Thankfully, gas prices are unlikely to be moved by OPEC’s meeting and agreement to extend production cuts into 2025, leading the national average to fall below $3.50 in the next week. With GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it’s very likely we’ll continue to see gas prices fall as we approach July 4.”