The average price of a gallon of self-serve regular gasoline in Riverside County dropped four-tenths of a cent Saturday to $4.388, its lowest amount since Feb. 2.
The average price has dropped 11 the past 12 days, decreasing 8.4 cents, including eight-tenths of a cent Friday, according to figures from AAA and the Oil Price Information Service. It is 3.6 cents less than one week ago, 15.8 cents less than one month ago and 31 cents less than one year ago. It has dropped $1.985 since rising to a record $6.373 on Oct. 5, 2022.
“Oil prices continue to trade at about $65 a barrel after the Middle East ceasefire, putting downward pressure on gas prices locally and nationwide,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, said in a statement.
“While California’s fuel excise tax increased by 1.6 cents a gallon on Tuesday and a new state fuel air quality requirement also took effect Tuesday, pump prices have continued to drop.”
The national average price dropped for the 10th consecutive day following a run of 14 increases in 15 days, decreasing four-tenths of a cent to $3.148. The national average price is 4.6 cents less than one week ago, two-tenths of a cent more than one month ago, and 36.5 cents less than one year ago. It has dropped $1.868 since rising to a record $5.016 on June 14, 2022.