As gas prices begin to drop, a petroleum analyst says to expect precipitous declines in the next week or two
Riverside gas prices have fallen 1.8 cents per gallon in the past week, averaging $4.59/g today, according to GasBuddy’s daily survey of 481 stations in Riverside. Gas prices in Riverside are 9.4 cents per gallon higher than a month ago and stand $1.49/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Riverside is priced at $4.09/g today while the most expensive is $5.20/g, a difference of $1.11/g. The lowest price in the state today is $3.87/g while the highest is $5.95/g, a difference of $2.08/g.
The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.34/g today. The national average is down 6.9 cents per gallon from a month ago and stands $1.19/g higher than a year ago.
Historical gasoline prices in Riverside and the national average going back ten years:
- December 6, 2020: $3.10/g (U.S. Average: $2.16/g)
- December 6, 2019: $3.66/g (U.S. Average: $2.59/g)
- December 6, 2018: $3.37/g (U.S. Average: $2.43/g)
- December 6, 2017: $3.11/g (U.S. Average: $2.47/g)
- December 6, 2016: $2.66/g (U.S. Average: $2.19/g)
- December 6, 2015: $2.70/g (U.S. Average: $2.03/g)
- December 6, 2014: $2.97/g (U.S. Average: $2.68/g)
- December 6, 2013: $3.57/g (U.S. Average: $3.25/g)
- December 6, 2012: $3.70/g (U.S. Average: $3.37/g)
- December 6, 2011: $3.62/g (U.S. Average: $3.27/g)
Neighboring areas and their current gas prices:
- San Bernardino — $4.60/g, down 0.5 cents per gallon from last week’s $4.61/g.
- Orange County — $4.66/g, down 1.6 cents per gallon from last week’s $4.67/g.
- Los Angeles — $4.67/g, down 2.4 cents per gallon from last week’s $4.69/g.
“The downturn in average gas prices continued to gain momentum last week as oil prices remained at a hefty discount. This is largely due to continued anxiety over the omicron variant and because some countries have begun issuing lockdowns, keeping motorists in some countries from consuming as much fuel,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “While the Great Lakes region, the fastest to see prices respond to market fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind. But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices. It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices.”
- gas prices: Pixaby