Drop in Fuel Prices Not Long Term

‘Motorists shouldn’t be fooled into thinking any drop in (fuel) prices is a long-term trend,’ — Patrick DeHaan

Average gasoline prices in Riverside have risen 16.4 cents per gallon in the last week, averaging $4.50/g today, according to GasBuddy’s survey of 481 stations in Riverside. Prices in Riverside are 7.5 cents per gallon lower than a month ago and stand 4.8 cents per gallon higher than a year ago. The national average price of diesel has risen 3.0 cents in the last week and stands at $3.92 per gallon.

According to GasBuddy price reports, the cheapest station in Riverside was priced at $3.57/g yesterday while the most expensive was $5.49/g, a difference of $1.92/g. The lowest price in the state yesterday was $3.45/g while the highest was $6.09/g, a difference of $2.64/g.

The national average price of gasoline has risen 4.3 cents per gallon in the last week, averaging $3.12/g today. The national average is up 4.0 cents per gallon from a month ago and stands 32.5 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

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

February 5, 2023: $4.45/g (U.S. Average: $3.44/g)
February 5, 2022: $4.61/g (U.S. Average: $3.43/g)
February 5, 2021: $3.40/g (U.S. Average: $2.46/g)
February 5, 2020: $3.47/g (U.S. Average: $2.46/g)
February 5, 2019: $3.19/g (U.S. Average: $2.29/g)
February 5, 2018: $3.36/g (U.S. Average: $2.60/g)
February 5, 2017: $2.83/g (U.S. Average: $2.26/g)
February 5, 2016: $2.65/g (U.S. Average: $1.76/g)
February 5, 2015: $2.47/g (U.S. Average: $2.15/g)
February 5, 2014: $3.56/g (U.S. Average: $3.26/g)

Neighboring areas and their current gas prices:

• San Bernardino — $4.48/g, up 11.3 cents per gallon from last week’s $4.37/g.
• Orange County — $4.60/g, up 14.7 cents per gallon from last week’s $4.46/g.
• Los Angeles — $4.63/g, up 11.7 cents per gallon from last week’s $4.52/g.

“A majority of states again saw average gasoline prices rise over the last week, pushed slightly higher by oil prices that had risen to multi-month highs. While most states saw price increases, they were somewhat tame, though the trend will likely begin to accelerate towards the end of the month. For now, the most common gas price in the U.S. remains $2.99 per gallon, but its days are numbered,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While Southern California is already beginning the transition to summer gasoline, and with it, higher prices, we could see a brief ‘clearance sale’ on remaining winter gasoline in some pockets of interior states as refiners start to move these time-sensitive barrels out of the system. Motorists shouldn’t be fooled into thinking any drop in prices is a long-term trend, but rather a very short term one. I expect any modest and temporary drops in prices will be replaced by pricier gasoline as we get closer to the start of spring.”