The average price of a gallon of self-serve regular gasoline in Riverside County rose Monday to its highest amount since Oct. 13, 2023, increasing 2.5 cents to $5.763.
The average price is has risen 54 of the past 55 days, increasing $1.622, according to figures from the AAA and Oil Price Information Service. It rose 20 consecutive days, was unchanged Feb. 18 and resumed increasing the next day.
The average price is 26.8 cents more than one week ago, $1.249 higher than one month ago and $1.269 greater than one year ago. It is 61 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.
The national average price rose to its highest amount since Aug. 15, 2022, increasing 1.4 cents to $3.956. It has risen for 23 consecutive days, increasing 97.4 cents, including 1.7 cents on Sunday.
The national average price is 23.8 cents more than one week ago, $1.018 higher than one month ago and 83 cents greater than one year ago. It is $1.06 less than the record $5.016 set on June 14, 2022.
“Gas prices continued to rise nationwide over the last week as seasonal factors, combined with ongoing supply concerns tied to the continued disruption in the Strait of Hormuz, pushed … prices sharply higher,” 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.
“It now appears increasingly likely that the national average price of gasoline will reach the $4-per-gallon mark — potentially as early as this week — for the first time since 2022. There are few signs of stabilization so far, as global oil prices continue to climb and early indications suggest consumers may begin to pull back in response to the rapid pace of increases.”