RIVERSIDE — Gasoline prices in Riverside have taken a tumble of 5.2 cents per gallon in the past week, averaging $3.71 per gallon Sunday, according to GasBuddy’s daily survey of 481 stations in Riverside.
This compares with the national average that has taken a tumble of 7.0 cents per gallon versus last week to $2.73 per gallon, according to GasBuddy.
Average gasoline prices on Nov. 5 in Riverside have ranged widely over the past five years: $3.17 per gallon in 2017, $2.81 per gallon in 2016, $2.86 per gallon in 2015, $3.22 per gallon in 2014 and $3.61 per gallon in 2013.
Including the tumble locally during the past week, prices yesterday were 53.9 cents per gallon higher than a year ago and are 4.5 cents per gallon lower than a month ago. The national average has dropped 17.7 cents per gallon during the last month and stands 20.9 cents per gallon higher than a year ago.
Areas near Riverside and their current gas price climate:
- San Bernardino — $3.69 per gallon, a tumble of 5.9 cents per gallon from last week’s $3.75 per gallon.
- Orange County — $3.74 per gallon,, down 5.3 cents per gallon from last week’s $3.79 per gallon.
- Los Angeles — $3.77 per gallon, down 6.2 cents per gallon from last week’s $3.84 per gallon.
“Motorists have just enjoyed the largest one week decline in average gas prices in 2018 with the national average falling to its lowest level since April,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a prepared statement. “Oil markets have been weak as refinery maintenance season has slowed down crude oil inputs, leading to oil inventories that have risen noticeably. In addition, jitters over the economy and stock market have helped to push values down.
But beware, DeHaan warns. Any politician taking credit ahead of the elections is absolutely pulling your leg. Prices should tumble yet again — but this behavior is par for the course every autumn, DeHaan said.
“In addition, sanctions on Iran were reimposed yesterday, but while some countries that import oil from Iran have waivers, those waivers may be temporary — so the drop at the pump may not continue indefinitely.”
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