The average price of a gallon of self-serve regular gasoline in Riverside County decreased eight-tenths of a cent Sunday to $4.461.
The average price is eight-tenths of a cent more than one week ago, but 20.5 cents less than one month ago and 24.6 cents less than one year ago, according to figures from AAA and the Oil Price Information Service. It has dropped $1.912 since rising to a record $6.373 on Oct. 5, 2022.
“Crude oil prices jumped from about $60 a barrel at the end of May to about $75 a barrel today in response to Middle East conflict, but so far the local pump price increases have been small,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, said in a statement Thursday.
“Since oil costs represent about half the cost of producing gasoline, we could see further gas price increases if oil prices stay higher or increase further.”
The national average price decreased one-tenth of a cent to $3.218, ending a streak of 11 consecutive increases that saw it rise 9.8 cents. The national average price is 8.3 cents more than one week ago and 2.3 cents more than one month ago, but 23.3 cents less than one year ago. It has dropped $1.798 since rising to a record $5.016 on June 14, 2022.