The average price of a gallon of self-serve regular gasoline in Riverside County dropped for the 19th consecutive day Wednesday, falling 2.5 cents to $5.994.
The average price has dropped 33.5 cents over the past 19 days, including 2.5 cents Tuesday, according to figures from the AAA and Oil Price Information Service. The streak began one day after the end of a 44-day streak of increases totaling 80.9 cents that brought the average price within 4.4 cents of its record, $6.373 set Oct. 5, 2022.
The average price is 15.2 cents less than one week ago and 11.8 cents less than one month ago, but $1.429 more than one year ago. It has increased $1.443 since the start of the joint U.S./Israel war on Iran on Feb. 28, which sent oil prices higher and drastically accelerated increases at the gas pump.
The dropping prices are the result of Gov. Gavin Newsom’s announcement Sept. 28 that cheaper winter-blend gasoline would be allowed to be sold immediately instead of the customary Nov. 1 date.
The national average price dropped 1.4 cents to $4.264, its sixth consecutive decrease. It is 6.9 cents less than one week ago and 21.4 cents less than one month ago, but $1.217 more than one year ago. It has increased $1.282 since the attack on Iran.
“Average gasoline prices declined in the vast majority of states over the last week, led by a combination of state fuel tax suspensions and price-cycling markets working their way back down,” 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 Monday.
“For now, the outlook remains tied to geopolitical developments, and some price-cycling states could see upward swings in the days ahead if oil markets firm at all. Motorists in states that benefited from tax suspensions may continue to see some insulation from broader market pressures, but the overall picture remains fluid.”