Gas Prices Reach $5 Per Gallon Tuesday Across Riverside County

RIVERSIDE COUNTY, CA — The streak of increases to the average price of a gallon of self-serve regular gasoline in Riverside County was extended Tuesday to 17 days, but barely, rising one-tenth of a cent to $5.044, its highest amount since Nov. 24.

The average price has risen 20.2 cents over the past 17 days, including six-tenths of a cent Monday, according to figures from the AAA and the Oil Price Information Service. The streak of increases follows a run of six decreases in seven days totaling 1.7 cents.

The average price is 6.5 cents more than one week ago and 24.9 cents higher than one month ago but 31.2 cents less than one year ago. It has dropped $1.329 since rising to a record $6.373 on Oct. 5.

The national average price dropped a half-cent to $3.824, its second decrease in four days following a 17-day streak of increases totaling 26.8 cents. It decreased two-tenths of a cent Sunday and was unchanged Saturday and Monday.

The national average price is 4.4 cents more than one week ago and 28.6 cents higher than one month ago but 23.5 cents less than one year ago. It has dropped $1.192 since rising to a record $5.016 on June 14, 2022.

"Average gasoline prices continued to move up last week thanks to a continued rise in oil and continued pressure from hot weather that impacted refineries," said Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real-time gas price information from more than 150,000 stations.

"However, the pace of increases has started to slow down over the last few days, and for now, appears to have hit a peak over the weekend and is beginning to gently fall. But with oil remaining under pressure from Saudi Arabia extending its 1 million barrel per day production cut into September, the respite from gasoline rising may not last long.

"Plus there remain unknowns about hurricane season that will likely become more active in the weeks ahead."

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