Good News Greets Motorists at the Pump

RIVERSIDE — Good news greeted most motorists at the gas pump on Sunday, and in some cases it was better than good.

How did you fare?

On May 30, gasoline at Costco $3.45 per gallon. On Sunday, it was $3.34. That’s an 11-cent drop. Definitely good news.

The good news did not permeate throughout the region, however.

Gasoline prices in Riverside have fallen 5.1 cents per gallon in the past week, averaging $3.61 per gallon on Sunday, according to GasBuddy’s daily survey of 481 stations in Riverside. This compares with the national average that has fallen 5.3 cents per gallon versus last week to $2.83 per gallon, according to GasBuddy.

Average gasoline prices on June 25 in Riverside have ranged widely over the last five years: $2.87 per gallon in 2017, $2.88 per gallon in 2016, $3.53 per gallon in 2015, $4.09 per gallon in 2014 and $4.08 per gallon in 2013.

Including the change locally during the past week, prices yesterday were 74.2 cents per gallon higher than a year ago and are 8.3 cents per gallon lower than a month ago. The national average has dropped 14.1 cents per gallon during the last month and stands 58.1 cents per gallon higher than a year ago.

Areas near Riverside and their current gas price climate:

• San Bernardino — $3.59 per gallon, down 4.3 cents per gallon from last week’s $3.64 per gallon.
• Orange County- $3.63 per gallon, own 3.6 cents per gallon from last week’s $3.66 per gallon.
• Los Angeles- $3.67 per gallon, down 3.7 cents per gallon from last week’s $3.71 per gallon

“The threat of an escalating trade war with China and others took a back seat to one of the most anticipated OPEC meetings last week: OPEC agreed to increase oil production by just 600 thousand barrels a day, well short of expectations amidst a hot global and U.S. economy. Crude oil prices responded by skyrocketing over 5 percent Friday while refined products, including gasoline, rose 2 percent. The worry is the rally may continue into this week as motorists prepare for the upcoming July 4 weekend,” Patrick DeHaan, head of petroleum analysis at GasBuddy, said in a prepared release. “The decision may lead to an abrupt end in recent gas price declines, or may slow it down, just as gasoline prices had been catching up to the prior slump in crude oil. I’m optimistic that we can avoid a $3 per gallon national average, but if gas prices were to mirror the gains in oil prices, a 5% gain would theoretically put us back at nearly $2.99 per gallon, not what you like to see any time, much less prior to the summer’s most popular holiday.”

For LIVE fuel price averages, visit here.