Good news: Gas prices are down, but does a penny make a difference?

Riverside gas prices have fallen 1 cent per gallon in the past week, averaging $4.15/g today, according to GasBuddy’s daily survey of 481 stations in Riverside. Gas prices in Riverside are 7.9 cents per gallon higher than a month ago and stand $1.19/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Riverside is priced at $3.49/g today while the most expensive is $4.99/g, a difference of $1.50/g. The lowest price in the state today is $3.31/g while the highest is $6.29/g, a difference of $2.98/g.

The national average price of gasoline has risen 1.6 cents per gallon in the last week, averaging $3.07/g today. The national average is up 3.7 cents per gallon from a month ago and stands 97.7 cents per gallon higher than a year ago.

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

  • June 14, 2020: $2.96/g (U.S. Average: $2.09/g)
  • June 14, 2019: $3.71/g (U.S. Average: $2.69/g)
  • June 14, 2018: $3.68/g (U.S. Average: $2.91/g)
  • June 14, 2017: $2.94/g (U.S. Average: $2.31/g)
  • June 14, 2016: $2.83/g (U.S. Average: $2.38/g)
  • June 14, 2015: $3.60/g (U.S. Average: $2.81/g)
  • June 14, 2014: $4.07/g (U.S. Average: $3.66/g)
  • June 14, 2013: $3.95/g (U.S. Average: $3.62/g)
  • June 14, 2012: $4.00/g (U.S. Average: $3.53/g)
  • June 14, 2011: $3.90/g (U.S. Average: $3.69/g)

Neighboring areas and their current gas prices:

  • San Bernardino — $4.13/g, down 1.2 cents per gallon from last week’s $4.14/g.
  • Orange County — $4.19/g, down 0.3 cents per gallon from last week’s $4.19/g.
  • Los Angeles — $4.23/g, down 1 cent per gallon from last week’s $4.24/g.

“We’ve seen the national average gas price continue to inch higher as oil prices have reached $71 per barrel, the highest since 2018, as gasoline demand continues to rebound,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Strong gasoline demand as states and cities reopen will likely continue to be a major factor keeping gas prices elevated even as oil production climbs in the months ahead. With most additional supply being gobbled up very quickly, gas prices will likely stay at elevated levels for the foreseeable future. Motorists can continue to fight the high gas prices by remembering to shop around each time they get below half a tank.”

Image Sources

  • Penny: Shutterstock