As the spread of the coronavirus induces panic on markets, oil prices have been walloped and motorists should avoid filling up as the plummet in oil prices starts showing up at their local gas station in the days ahead, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Nearly every village, town and city in every state will see gas prices dropping — the pace may vary, of course — but over the next week gas prices will move lower solidly, barring any dramatic improvement in the spread of the virus. The drop in oil is little comfort to those who’ve been watching the stock market fall, but gas stations have plenty of room to drop prices, in some cases nearly 25-35 cent drops over the next few weeks will happen. My advice for motorists is delay buying gasoline and expect noticeable drops for the time being as the world obsesses over the spread of COVID-19.”

Riverside gas prices have fallen 2.5 cents per gallon in the past week, averaging $3.43/g today, according to GasBuddy’s daily survey of 481 stations. Gas prices in Riverside are 4.4 cents per gallon lower than a month ago and stand 17.9 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Riverside is priced at $3.06/g today while the most expensive is $4.39/g, a difference of $1.33/g. The lowest price in the state today is $2.70/g while the highest is $4.89/g, a difference of $2.19/g. The cheapest price in the entire country today stands at $1.69/g while the most expensive is $4.89/g, a difference of $3.20/g.

The national average price of gasoline has fallen 6.2 cents per gallon in the last week amid the spread of the coronavirus, averaging $2.41/g today. The national average is down 4.4 cents per gallon from a month ago and stands 1.8 cents per gallon lower than a year ago.

Historical gasoline prices in Riverside and the national average going back ten years:

  • March 2, 2019: $3.25/g (U.S. Average: $2.43/g)
  • March 2, 2018: $3.35/g (U.S. Average: $2.53/g)
  • March 2, 2017: $2.98/g (U.S. Average: $2.32/g)
  • March 2, 2016: $2.45/g (U.S. Average: $1.79/g)
  • March 2, 2015: $3.43/g (U.S. Average: $2.43/g)
  • March 2, 2014: $3.89/g (U.S. Average: $3.46/g)
  • March 2, 2013: $4.28/g (U.S. Average: $3.76/g)
  • March 2, 2012: $4.35/g (U.S. Average: $3.74/g)
  • March 2, 2011: $3.76/g (U.S. Average: $3.39/g)
  • March 2, 2010: $3.00/g (U.S. Average: $2.68/g)

Neighboring areas and their current gas prices amid the spread of coronavirus are:

  • San Bernardino- $3.40/g, down 5.2 cents per gallon from last week’s $3.45/g.
  • Orange County- $3.49/g, down 2.7 cents per gallon from last week’s $3.51/g.
  • Los Angeles- $3.53/g, down 3.4 cents per gallon from last week’s $3.56/g.

 

Image Sources

  • Coronavirus & money: Shutterstock