Roller Coaster Describes Most Recent Gas Prices

Gas prices have been a bit of a roller coaster lately as they slowly fall, then inch back up and dip, again.

Riverside gas prices have fallen 0.7 cents per gallon in the past week, averaging $3.57/g today, according to GasBuddy’s daily survey of 481 stations. Gas prices in Riverside are 7.6 cents per gallon higher than a month ago, yet stand 3.5 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Riverside is priced at $3.21/g today while the most expensive is $4.39/g, a difference of $1.18/g. The lowest price in the state today is $2.97/g while the highest is $4.99/g, a difference of $2.02/g. The cheapest price in the entire country today stands at $1.80/g while the most expensive is $4.99/g, a difference of $3.19/g.

The national average price of gasoline has fallen 0.4 cents per gallon in the last week, averaging $2.55/g today. The national average is down 6.5 cents per gallon from a month ago, yet stands 28.9 cents per gallon lower than a year ago.

Historical gasoline prices in Riverside and the national average going back a decade have also been on a roller coaster:

• September 16, 2018: $3.54/g (U.S. Average: $2.84/g)
• September 16, 2017: $3.10/g (U.S. Average: $2.61/g)
• September 16, 2016: $2.70/g (U.S. Average: $2.19/g)
• September 16, 2015: $3.20/g (U.S. Average: $2.30/g)
• September 16, 2014: $3.71/g (U.S. Average: $3.37/g)
• September 16, 2013: $3.99/g (U.S. Average: $3.50/g)
• September 16, 2012: $4.11/g (U.S. Average: $3.86/g)
• September 16, 2011: $3.92/g (U.S. Average: $3.60/g)
• September 16, 2010: $2.96/g (U.S. Average: $2.73/g)
• September 16, 2009: $3.11/g (U.S. Average: $2.53/g)

Neighboring areas and their current gas prices are also experiencing the roller coaster effect:

• San Bernardino — $3.56/g, down 0.9 cents per gallon from last week’s $3.57/g.
• Orange County — $3.63/g, down 1 cent per gallon from last week’s $3.64/g.
• Los Angeles — $3.65/g, down 2.2 cents per gallon from last week’s $3.67/g.

“While gas prices have drifted lower for the ninth straight week, all eyes now turn to Saudi Arabia after an attack that knocked out over 5% of global oil production and how oil prices are likely to jump as a result,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a prepared statement. “While there is some good news that motorists should not expect a sudden and major uptick in gas prices, there may be a minor impact beginning mid-week and continuing until Saudi Arabia’s state-owned oil company, Aramco, is able to restore all production. However, even after oil production levels return to normal, there is an undeniable factor that will now forever impact oil prices — and that is that Saudi Arabia’s reliability and stability is no longer guaranteed, and this missile strike is evidence that perhaps one of the world’s most stable oil producers may no longer be seen as stable as they were prior to this event. Motorists should stay tuned to GasBuddy for any further developments, but for now, we are not expecting this attack to lead to major price hikes. While the situation may change with Saudi Arabia, motorists are now able to fill up with cheaper winter gasoline and demand continues to seasonally weaken, perhaps softening the blow and impact of the attacks on gas prices.”