The average price of a gallon of self-serve regular gasoline in Riverside County decreased for the seventh time in eight days Saturday, dropping four-tenths of a cent to $4.577.
The average price has fallen 3.6 cents over the past eight days, including 1.2 cents Friday, according to figures from the AAA and the Oil Price Information Service. It is 3.4 cents less than one week ago and 2.5 cents less than one month ago, but 12.1 cents more than one year ago. It has dropped $1.796 since rising to a record $6.373 on Oct. 5, 2022.
“Southern California gasoline supplies appear to be in good shape as we get closer to Nov. 1, when gas stations will be allowed to start selling the less expensive `winter blend’ of gasoline,” Doug Shupe, the Automobile Club of Southern California’s corporate communications manager, said in a statement Thursday.
The national average price dropped for the 16th time in 17 days, decreasing 1.1 cents to $3.04. It has dropped 12 cents over the past 17 days, including six-tenths of a cent Friday.
The national average price is 4.9 cents less than one week ago, 16.3 cents lower than one month ago and 15 cents less than one year ago. It has dropped $1.976 since rising to a record $5.016 on June 14, 2022.
There are several reasons for the falling prices since last week including falling crude oil prices, lower demand and the availability of winter-blend gasoline, which is cheaper to produce, in some states.