The average price of a gallon of self-serve regular gasoline in Riverside County dropped Saturday for the seventh time in the past nine days, decreasing 1.2 cents to $3.275.
The average price has dropped 5.2 cents over the past nine days, including four-tenths of a cent on Friday, according to figures from the AAA and Oil Price Information Service.
The average price is 3.5 cents less than one week ago, 21.5 lower than one month ago, and 20.2 cents higher than one year ago. The average price has risen 20 cents since the start of the year.
“Oil prices mostly fell last week, reaching their lowest level since the third quarter of 2017, as market observers have concerns that the global crude market is oversupplied,” said Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
“To reduce the oversupply of crude globally, OPEC and non-OPEC producers announced that beginning in 2019, they will reduce crude production for six months. This move could drive crude oil prices up, and in turn drive gas prices higher in the new year.”