The average price of a gallon of self-serve regular gasoline in Riverside County dropped Tuesday for the 21st time in 22 days, decreasing 1.1 cents to $4.50, its lowest amount since March 24.
The average price has dropped 18.5 cents over the past 22 days, including two-tenths of a cent Monday, according to figures from AAA and the Oil Price Information Service. It fell for seven consecutive days, rose one-tenth of a cent May 27 and resumed dropping the next day.
The average price is 8.4 cents less than one week ago, 14.5 cents lower than one month ago and 30.2 cents below what it was one year ago. It has dropped $1.873 since rising to a record $6.373 on Oct. 5, 2022.
The national average price dropped three-tenths of a cent to $3.121, the fifth consecutive decrease following back-to-back increases totaling nine-tenths of a cent. It has dropped 2.2 cents over the past five days, including one-tenth of a cent Monday.
The national average price is 1.6 cents less than one week ago, 1.8 cents lower than one month ago and 32.4 cents below what it was one year ago. It has dropped $1.895 since rising to a record $5.016 on June 14, 2022.
“Average gas prices declined in nearly all states over the last week as refineries ramped up output and gasoline supplies surged,” Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations, said in a statement.
“While a few states experienced price cycling — a pattern where prices drop sharply and then spike every couple of weeks — the overall gentle downward trend is typical as summer progresses. If oil prices continue to rise gradually, it could eventually impact gas prices, but for now, we likely won’t see any major shifts at the pump in most areas this week.”