Increase in Gas Prices is Likely to Continue

With continued recovery in gasoline demand, the increase in gas prices is likely to continue

If you filled your gas tank recently, you likely noticed the price is higher than last time you filled. And, the increase in gas prices is likely to continue.

Riverside gas prices have risen 1.5 cents per gallon in the past week, averaging $3.98/g today, according to GasBuddy’s daily survey of 481 stations in Riverside. Gas prices in Riverside are 9.3 cents per gallon higher than a month ago and stand $1.31/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Riverside is priced at $3.45/g today while the most expensive is $4.39/g, a difference of 94.0 cents per gallon. The lowest price in the state today is $3.15/g while the highest is $5.89/g, a difference of $2.74/g.

The national average price of gasoline has risen 0.7 cents per gallon in the last week, averaging $2.89/g today. The national average is up 1.8 cents per gallon from a month ago and stands $1.13/g higher than a year ago.

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

• May 3, 2020: $2.67/g (U.S. Average: $1.75/g)
• May 3, 2019: $4.05/g (U.S. Average: $2.90/g)
• May 3, 2018: $3.60/g (U.S. Average: $2.82/g)
• May 3, 2017: $2.96/g (U.S. Average: $2.36/g)
• May 3, 2016: $2.81/g (U.S. Average: $2.22/g)
• May 3, 2015: $3.73/g (U.S. Average: $2.62/g)
• May 3, 2014: $4.27/g (U.S. Average: $3.68/g)
• May 3, 2013: $3.85/g (U.S. Average: $3.52/g)
• May 3, 2012: $4.14/g (U.S. Average: $3.80/g)
• May 3, 2011: $4.24/g (U.S. Average: $3.97/g)

Neighboring areas and their current gas prices:

• San Bernardino — $3.96/g, up 0.9 cents per gallon from last week’s $3.95/g.
• Orange County — $4.06/g, up 4.1 cents per gallon from last week’s $4.02/g.
• Los Angeles — $4.06/g, up 1.4 cents per gallon from last week’s $4.04/g.

“The nation’s gas prices perked up again last week as oil prices advanced to fresh multi-year highs on Covid improvements overseas and the switch to summer gasoline, which is basically now complete,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Last week saw the national average hit its highest level in two years, and with continued recovery in gasoline demand, the increase in price is likely to continue into the future. Americans may now want to brace themselves for the possibility of a $3/gal national average in the weeks ahead, as demand remains strong as Americans take to the roads. The question going forward is how much demand will continue to recover and rise- will it lead to record summer gasoline demand? We indeed may see some weeks with new records as Americans get in their cars this summer– but the question is how many will do so? That will determine how much higher prices will go.”