Better News Greets Motorists When Filling Up

It’s not great news, but at least it’s better news than in recent weeks as gas prices dip a bit.

Gasoline prices in Riverside have fallen 1.7 cents per gallon in the past week, averaging $3.60 per gallon yesterday, according to GasBuddy’s daily survey of 481 stations in Riverside. This compares with the national average that is unchanged  versus last week to $2.84 per gallon, according to GasBuddy.

Average gasoline prices on July 2 in Riverside have ranged widely over the past five years: $2.84 per gallon in 2017, $2.90 per gallon in 2016, $3.48 per gallon in 2015, $4.13 per gallon in 2014 and $4.02 per gallon in 2013. This year’s average price is surely better than those in 2013 and 2014.

Including the change locally during the past week, prices yesterday were 75.6 cents per gallon higher than a year ago and are 9.4 cents per gallon lower than a month ago. The national average has dropped 10.7 cents per gallon during the last month and stands 62.5 cents per gallon higher than a year ago.

Areas near Riverside and their current gas price climate:

• San Bernardino- $3.58 per gallon, down 1.8 cents per gallon from last week’s $3.60 per gallon.
• Orange County- $3.62 per gallon, unchanged  from last week’s $3.62 per gallon.
• Los Angeles- $3.66 per gallon, down 1.6 cents per gallon from last week’s $3.67 per gallon.

“Going into the July 4 holiday, I can’t remember the last time oil markets were so active. Oil has surged over 10 percent just in time for summer’s busiest travel holiday, costing motorists over $1 billion more than last year,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a prepared statement. “All the ingredients exist for the national average to inch closer to $3 per gallon, just in time for the second half of the summer. Undoubtedly, the second half of the summer will be pricier than the first, thanks to OPEC’s production increase falling short of expectations, sanctions to be placed back on Iran by November and falling U.S. oil inventories. And to rub some salt in the wound, hurricane season is still upon us, adding more guess work to where gas prices might spend the second half of the summer. Make no mistake, it won’t be pretty, not nearly as “pretty” as the first half of the summer. Be ready for volatility and likely higher prices at the pump in July and August. ”

Bottom line: Don’t expect these better prices for long.

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