Drop in Gas Prices Greets Motorists at Local Pumps

RIVERSIDE — Did you notice a drop in gas prices over the weekend? Gasoline prices in Riverside have fallen 2.1 cents per gallon in the past week, averaging $3.51 per gallon Sunday, according to GasBuddy’s daily survey of 481 stations in Riverside.

This drop compares with the national average that is unchanged  versus last week to $2.86/g, according to GasBuddy.

Average gasoline prices on Aug. 6 in Riverside have ranged widely over the past five years from a drop to an increase: $2.91 per gallon in 2017, $2.63 per gallon in 2016, $3.86 per gallon in 2015, $3.89 per gallon in 2014 and $3.9 per gallon in 2013.

Including the change locally during the past week, prices yesterday were 60.8 cents per gallon higher than a year ago and are 8.1 cents per gallon lower than a month ago. The national average has dropped 0.7 cents per gallon during the last month and stands 52.1 cents per gallon higher than a year ago.

Areas near Riverside and their current gas price climate:

• San Bernardino — $3.49 per gallon, a drop of 2.4 cents per gallon from last week’s $3.52 per gallon.
• Orange County — $3.57 per gallon, a drop of 1.1 cents per gallon from last week’s $3.58 per gallon.
• Los Angeles — $3.61 per gallon, a drop 3.0 cents per gallon from last week’s $3.64 per gallon.

The national average price of gasoline jumped to start last week before a slow drop during the latter half, but remains very close to their week ago levels.

“Oil prices have held under $70 per barrel, giving promise to gas prices that will continue to hold south of $3 per gallon and near where they have spent much of the summer so far,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a prepared statement.

With several bullish and bearish factors weighing on oil prices, you may see gas prices stuck in some sort of late summer blues before motorists see a more sizable drop coming after Labor Day.

“Refiners continue to hum along meeting high demand with few kinks, leading to gas prices that have remained between $2.80-$2.89 per gallon the entire summer thus far,” DeHaan said.

For LIVE fuel price averages, visit here.