New Year Ushers in Higher Fuel Prices

Higher fuel prices greet motorists as new year dawns

Just in time to burst the bubble of the holiday after-glow, higher fuel prices are greeting less-than-cheerful motorists.

Average gasoline prices in Riverside have risen 10.2 cents per gallon in the last week, averaging $4.28/g on Monday, according to GasBuddy’s survey of 481 stations in Riverside. Prices in Riverside are 42.7 cents per gallon lower than a month ago and stand 27.6 cents per gallon lower than a year ago. The national average price of diesel has fallen 1.4 cents in the last week and stands at $4.67 per gallon.

According to GasBuddy price reports, the cheapest station in Riverside was priced at $3.71/g yesterday while the most expensive was $4.99/g, a difference of $1.28/g. The lowest price in the state yesterday was $3.18/g while the highest was $7.79/g, a difference of $4.61/g.

The national average price of gasoline has risen 12.3 cents per gallon in the last week, averaging $3.17/g today. The national average is down 22.5 cents per gallon from a month ago and stands 9.5 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:

• January 2, 2022: $4.56/g (U.S. Average: $3.26/g)
• January 2, 2021: $3.15/g (U.S. Average: $2.25/g)
• January 2, 2020: $3.50/g (U.S. Average: $2.59/g)
• January 2, 2019: $3.24/g (U.S. Average: $2.25/g)
• January 2, 2018: $3.08/g (U.S. Average: $2.49/g)
• January 2, 2017: $2.74/g (U.S. Average: $2.34/g)
• January 2, 2016: $3.00/g (U.S. Average: $1.99/g)
• January 2, 2015: $2.58/g (U.S. Average: $2.21/g)
• January 2, 2014: $3.65/g (U.S. Average: $3.32/g)
• January 2, 2013: $3.57/g (U.S. Average: $3.28/g)

Neighboring areas and their current gas prices:

• San Bernardino — $4.18/g, up 6.9 cents per gallon from last week’s $4.11/g.
• Orange County — $4.42/g, up 13.0 cents per gallon from last week’s $4.29/g.
• Los Angeles — $4.43/g, up 8.1 cents per gallon from last week’s $4.34/g.

“For the first time in two months, the nation’s average price of gasoline rose sharply last week, as extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three-year Covid-zero policies appear to be coming to an end. While the jump at the pump will likely be temporary as most refiners get back online after cold-weather related issues, some regions like the Rockies may see more price increases than others as cold-weather shutdowns hit the region fairly hard, with one refinery likely remaining down through the first quarter of 2023. Most areas have seen the bulk of the rise already hit, but should oil continue to rally, more increases could be on the way.”