The average price of a gallon of self-serve regular gasoline in Riverside County dropped for the 22nd consecutive day Saturday, falling 2.3 cents to $5.903.
The average price has dropped 42.6 cents over the past 22 days, including 2.7 cents Friday, 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 16.4 cents less than one week ago and 27.1 cents less than one month ago, but $1.37 more than one year ago. It has increased $1.352 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 rose three-tenths of a cent to $4.295. It is 1.3 cents less than one week ago and 18.7 cents less than one month ago, but $1.228 more than one year ago. The national average price has increased $1.313 since the attack on Iran.
“High crude oil prices are preventing steep declines at the pump,” according to a statement from the AAA released Thursday. “Currently, the price for a barrel of crude oil is nearing $100 per barrel amid instability in the Strait of Hormuz. This month is poised to set a record as the most expensive October ever for gas prices following similar records set in August and September of this year.”