Average Riverside County gas price drops to lowest July 4th amount since 2021
City News Service
RIVERSIDE, Calif. (KESQ) – The average price of a gallon of self-serve regular gasoline in Riverside County dropped today to its lowest Independence Day amount since 2021, decreasing eight-tenths of a cent to $4.392.
The average price has dropped 10 the past 11 days, decreasing 8 cents, including six-tenths of a cent Thursday, according to figures from AAA and the Oil Price Information Service. It dropped six consecutive days, rose three-tenths of a cent Monday and resumed decreasing the next day.
The average price is 4.6 cents less than one week ago, 17.1 cents lower than one month ago and 30.5 cents below what it was one year ago. It has dropped $1.981 since rising to a record $6.373 on Oct. 5, 2022.
“Oil prices continue to trade at about $65 a barrel after the Middle East ceasefire, putting downward pressure on gas prices locally and nationwide,” Doug Shupe, the Automobile Club of Southern California’scorporate communications manager, said in a statement. “While California’s fuel excise tax increased by 1.6 cents a gallon on Tuesday and a new state fuel air quality requirement also took effect Tuesday, pump prices have continued to drop.”
The national average price dropped for the ninth consecutive day following a run of 14 increases in 15 days totaling 10.5 cents, decreasing 1 cent to $3.152. It has dropped 7.4 cents over the past nine days, including nine-tenths of a cent Thursday.
The national average price is 5.5 cents less than one week ago and 36.2 cents lower than one year ago but eight-tenths of a cent more than one month ago. It has dropped $1.864 since rising to a record $5.016 on June 14, 2022.