Gas prices begin to tumble but how low will they go?

Riverside gas prices have fallen 0.7 cents per gallon in the past week, averaging $4.59/g today, according to GasBuddy’s daily survey of 481 stations in Riverside. Gas prices in Riverside are unchanged versus a month ago and stand $1.48/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Riverside is priced at $3.98/g today while the most expensive is $5.29/g, a difference of $1.31/g. The lowest price in the state today is $3.74/g while the highest is $6.49/g, a difference of $2.75/g.

The national average price of gasoline has fallen 2.9 cents per gallon in the last week, averaging $3.30/g today. The national average is down 11.1 cents per gallon from a month ago and stands $1.09/g higher than a year ago.

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

  • December 20, 2020: $3.11/g (U.S. Average: $2.21/g)
  • December 20, 2019: $3.53/g (U.S. Average: $2.56/g)
  • December 20, 2018: $3.32/g (U.S. Average: $2.35/g)
  • December 20, 2017: $3.03/g (U.S. Average: $2.43/g)
  • December 20, 2016: $2.64/g (U.S. Average: $2.25/g)
  • December 20, 2015: $2.75/g (U.S. Average: $1.99/g)
  • December 20, 2014: $2.71/g (U.S. Average: $2.41/g)
  • December 20, 2013: $3.59/g (U.S. Average: $3.21/g)
  • December 20, 2012: $3.54/g (U.S. Average: $3.21/g)
  • December 20, 2011: $3.50/g (U.S. Average: $3.21/g)

Neighboring areas and their current gas prices:

  • San Bernardino- $4.58/g, down 2.2 cents per gallon from last week’s $4.60/g.
  • Orange County- $4.64/g, down 1 cent per gallon from last week’s $4.65/g.
  • Los Angeles- $4.65/g, down 1.6 cents per gallon from last week’s $4.67/g.

“For yet another week, average gasoline prices continue to fall as omicron cases surge, leading oil demand, and thus oil prices, to stall. The decline in gas prices will likely continue until new Covid cases slow down,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “With gas prices very likely to continue declining this week in most states, we may see Christmas gas prices fall just under their all-time high on the holiday, which was $3.26 in 2013. Beyond Christmas, with omicron cases likely to continue climbing, I do believe we’ll see a more noticeable hit on gasoline demand once the holidays are over. There’s a rising likelihood that we won’t see gas prices rising for the rest of the year- with one caveat- gas prices in the Great Lakes states have plummeted by 30 to 50 cents in some areas, and stations in those areas may raise prices slightly should oil prices slow their decline. Aside from those areas, declines at the pump are likely to continue as we close out 2021.”

Image Sources

  • California gas prices: Shutterstock