Sudden spike in gas prices last week was brought on by continued rise in the price of oil
Riverside motorists experienced a spike in gas prices, which have risen 0.8 cents per gallon in the past week, averaging $3.11/g today, according to GasBuddy’s daily survey of 481 stations. Gas prices in Riverside are 1.1 cents per gallon higher than a month ago and stand 41.6 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Riverside is priced at $2.58/g today while the most expensive is $4.39/g, a difference of $1.81/g. The lowest price in the state today is $2.53/g while the highest is $4.99/g, a difference of $2.46/g.
The national average price of gasoline has risen 4.8 cents per gallon in the last week, averaging $2.21/g today. The national average is up 9.8 cents per gallon from a month ago and stands 34.5 cents per gallon lower than a year ago.
Historical gasoline prices in Riverside and the national average going back ten years:
- December 21, 2019: $3.53/g (U.S. Average: $2.55/g)
- December 21, 2018: $3.31/g (U.S. Average: $2.34/g)
- December 21, 2017: $3.02/g (U.S. Average: $2.44/g)
- December 21, 2016: $2.64/g (U.S. Average: $2.26/g)
- December 21, 2015: $2.76/g (U.S. Average: $1.99/g)
- December 21, 2014: $2.68/g (U.S. Average: $2.39/g)
- December 21, 2013: $3.59/g (U.S. Average: $3.23/g)
- December 21, 2012: $3.54/g (U.S. Average: $3.23/g)
- December 21, 2011: $3.49/g (U.S. Average: $3.20/g)
- December 21, 2010: $3.24/g (U.S. Average: $2.97/g)
Neighboring areas and their current gas prices:
- San Bernardino — $3.07/g, down 0.7 cents per gallon from last week’s $3.08/g.
- Orange County — $3.15/g, up 1.9 cents per gallon from last week’s $3.13/g.
- Los Angeles — $3.14/g, up 2.1 cents per gallon from last week’s $3.12/g.
“The sudden spike in gas prices last week was brought on by a continued rise in the price of oil, which jumped last week to nearly $50 per barrel, the highest we’ve seen since March, when prices collapsed due to COVID-19. While last week’s gas price surge isn’t likely to repeat this week, it could be a sign of things to come in the year ahead,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “A weakening U.S. dollar and vaccine optimism continued to push oil higher last week, along with stock markets. While some are wrongly pointing to the coming shift in the White House as driving up prices, I can assure motorists that what we’re seeing has nothing to do with such a change and everything to do with market optimism that demand will rise, and the weaker dollar which makes oil cheaper to anyone holding non-dollar currencies, putting upward pressure on demand.”
- Filling the gas tank: iStock