After last week’s spike in gas price, hope surfaces

There is still hope for lower prices at the gas station. Average gasoline prices in Riverside have fallen 22.8 cents per gallon in the last week, averaging $5.81/g today, according to GasBuddy’s survey of 481 stations in Riverside. Prices in Riverside are 43.0 cents per gallon higher than a month ago and stand 44.7 cents per gallon lower than a year ago. The national average price of diesel has fallen 4.0 cents in the last week and stands at $4.48 per gallon.

According to GasBuddy price reports, the cheapest station in Riverside was priced at $4.98/g yesterday while the most expensive was $6.89/g, a difference of $1.91/g. The lowest price in the state yesterday was $4.59/g while the highest was $7.49/g, a difference of $2.90/g.

The national average price of gasoline has fallen 10.2 cents per gallon in the last week, averaging $3.67/g today. The national average is down 13.8 cents per gallon from a month ago and stands 25.0 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:

  • October 9, 2022: $6.26/g (U.S. Average: $3.92/g)
  • October 9, 2021: $4.33/g (U.S. Average: $3.26/g)
  • October 9, 2020: $3.14/g (U.S. Average: $2.18/g)
  • October 9, 2019: $4.16/g (U.S. Average: $2.65/g)
  • October 9, 2018: $3.78/g (U.S. Average: $2.91/g)
  • October 9, 2017: $3.01/g (U.S. Average: $2.47/g)
  • October 9, 2016: $2.76/g (U.S. Average: $2.25/g)
  • October 9, 2015: $2.94/g (U.S. Average: $2.32/g)
  • October 9, 2014: $3.60/g (U.S. Average: $3.24/g)
  • October 9, 2013: $3.79/g (U.S. Average: $3.34/g)

Neighboring areas and their current gas prices:

  • San Bernardino- $5.82/g, down 23.7 cents per gallon from last week’s $6.06/g.
  • Orange County- $5.80/g, down 39.1 cents per gallon from last week’s $6.19/g.
  • Los Angeles- $5.97/g, down 25.4 cents per gallon from last week’s $6.23/g.
Hope Surfaces at Regional Gas Stations

Patrick DeHaan

“At long last, the decline in gas prices that we’ve been waiting to see has arrived, and the locomotive of falling prices has only recently started on a downhill, gaining momentum. However, some new caution signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region. I’m hopeful the violence won’t spread, limiting the impact to these falling gas prices. Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices falling potentially nearly triple that in California,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Even the price of diesel has seen downward pressure with oil prices plummeting last week on fears that the Fed will be forced to continue raising rates, eating into demand growth, leading a barrel of crude to drop into the mid-$80s, but we remain concerned about a potentially destabilized Middle East and the potential impact to oil prices should the region see violence escalate.”

Image Sources

  • Patrick DeHaan: GasBuddy
  • Woman filling gas tank: iStock