The real pinch at the pump could come in March

Motorists are feeling at bit of a pinch at the pump as Riverside gas prices have risen 4.1 cents per gallon in the past week, averaging $3.35/g today, according to GasBuddy’s daily survey of 481 stations in Riverside. Gas prices in Riverside are 19.9 cents per gallon higher than a month ago and stand 11.7 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Riverside is priced at $2.86/g today while the most expensive is $3.99/g, a difference of $1.13/g. The lowest price in the state today is $2.65/g while the highest is $5.29/g, a difference of $2.64/g.

The national average price of gasoline has risen 1.9 cents per gallon in the last week, averaging $2.42/g today. The national average is up 17.4 cents per gallon from a month ago and stands 5.5 cents per gallon lower than a year ago.

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

  • February 1, 2020: $3.46/g (U.S. Average: $2.47/g)
  • February 1, 2019: $3.17/g (U.S. Average: $2.27/g)
  • February 1, 2018: $3.35/g (U.S. Average: $2.60/g)
  • February 1, 2017: $2.78/g (U.S. Average: $2.27/g)
  • February 1, 2016: $2.70/g (U.S. Average: $1.79/g)
  • February 1, 2015: $2.39/g (U.S. Average: $2.05/g)
  • February 1, 2014: $3.57/g (U.S. Average: $3.27/g)
  • February 1, 2013: $3.87/g (U.S. Average: $3.47/g)
  • February 1, 2012: $3.76/g (U.S. Average: $3.45/g)
  • February 1, 2011: $3.32/g (U.S. Average: $3.09/g)

Neighboring areas and their current gas prices:

  • San Bernardino — $3.33/g, up 4.8 cents per gallon from last week’s $3.28/g.
  • Orange County — $3.44/g, up 5.2 cents per gallon from last week’s $3.39/g.
  • Los Angeles — $3.44/g, up 5.5 cents per gallon from last week’s $3.38/g.

“Gas price increases continue to slow down as oil prices fail to continue moving upward, even as gasoline demand continues to show new signs of improving recovery,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “According to Pay with GasBuddy data, Friday gasoline demand was the highest since November, while Saturday gasoline demand was the strongest of any Saturday since the pandemic began. The rise in gasoline demand has certainly been behind oil’s rally in the last few months, as COVID restrictions continue to ease and the economy slowly continues recovery. While the next few weeks may see gas prices rising slightly, the real pinch could come in March and lasting through summer, should demand continue on this path.”

Image Sources

  • Filling the gas tank: iStock