The average price of a gallon of self-serve regular gasoline in Riverside County shot up 9.5 cents Saturday to $5.449, its highest amount since Oct. 21, 2023.
The average price has risen 44 of the past 45 days, increasing $1.308, including 6.2 cents Friday, according to figures from the AAA and Oil Price Information Service.
The average price is 38.6 cents more than one week ago, 99.2 cents more than one month ago and 96 cents more than one year ago. Despite the recent increases, it is 92.4 cents less than the record $6.373 set on Oct. 5, 2022. Prices were rising slightly in line with seasonal norms before the joint U.S./Israel attack on Iran on Feb. 28 sent oil prices higher and drastically accelerated increases at the gas pump.
“Oil prices spiked over $100 a barrel on Monday and continue to be volatile as this conflict continues,” Kandace Redd, the Automobile Club of Southern California’s senior public affairs specialist, said in a statement Thursday. “California has experienced much higher price increases than other states because the majority of the state’s gasoline is refined from foreign crude oil sources.”
The national average price rose 4.5 cents to $3.675, its highest amount since April 22, 2024. It has increased 14 consecutive days, increasing 69.3 cents, including 3.2 cents Friday. The national average price is 26.2 cents more than one week ago, 74.5 cents more than one month ago and 59.2 cents more than one year ago. It is $1.341 less than the record $5.016 set on June 14, 2022.
“Crude oil prices play a major role in what drivers pay at the pump, and prices have surpassed the $100/barrel mark multiple times in recent days,” the AAA said Thursday. “To help offset rising prices, the U.S. announced it will release 172 million barrels of oil from its strategic reserves over four months. The move is part of a broader effort by the International Energy Agency to release a total of 400 million barrels of oil, the largest emergency release in its history.”