The average price of a gallon of self-serve regular gasoline in Riverside County dropped 4.2 cents Saturday to $5.62, its lowest amount since Aug. 30.
The average price has fallen 33 of the last 35 days and is 15.6 cents less than one week ago and 65.6 cents less than one month ago, but 88.3 cents more than one year ago. It has increased $1.069 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.
“After rising in the last week of October, oil prices dropped significantly on Wednesday to well below $100 a gallon, their lowest levels since May, and that could put further downward pressure on pump prices if those oil prices stay lower,” Kandace Redd, the Automobile Club of Southern California’s senior public affairs specialist, said in a statement released Thursday.
The national average price dropped for the 14th consecutive day, falling 3.1 cents to $4.037, its lowest amount since Aug. 12. The national average price is 14.6 cents less than one week ago and 32.9 cents less than one month ago, but 95.8 cents more than one year ago. It has increased $1.055 since the attack on Iran.
Despite the recent decline, the national average price remains the highest it’s ever been during this time of year.