Is long-term good news on the horizon for motorists?

Riverside gas prices have fallen 1.4 cents per gallon in the past week, averaging $4.27/g today, according to GasBuddy’s daily survey of 481 stations in Riverside, which is good news for motorists. Gas prices in Riverside are 1 cent per gallon higher than a month ago and stand $1.15/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Riverside is priced at $3.85/g today while the most expensive is $4.99/g, a difference of $1.14/g. The lowest price in the state today is $3.69/g while the highest is $6.10/g, a difference of $2.41/g.

The national average price of gasoline has risen 0.6 cents per gallon in the last week, averaging $3.18/g today. The national average is up 3.5 cents per gallon from a month ago and stands $1.02/g higher than a year ago.

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

  • August 9, 2020: $3.12/g (U.S. Average: $2.16/g)
  • August 9, 2019: $3.53/g (U.S. Average: $2.65/g)
  • August 9, 2018: $3.53/g (U.S. Average: $2.87/g)
  • August 9, 2017: $2.91/g (U.S. Average: $2.36/g)
  • August 9, 2016: $2.61/g (U.S. Average: $2.12/g)
  • August 9, 2015: $3.76/g (U.S. Average: $2.60/g)
  • August 9, 2014: $3.85/g (U.S. Average: $3.47/g)
  • August 9, 2013: $3.91/g (U.S. Average: $3.56/g)
  • August 9, 2012: $3.92/g (U.S. Average: $3.66/g)
  • August 9, 2011: $3.74/g (U.S. Average: $3.64/g)

Neighboring areas and their current gas prices:

  • San Bernardino- $4.27/g, down 2.2 cents per gallon from last week’s $4.29/g.
  • Orange County- $4.34/g, up 0.7 cents per gallon from last week’s $4.34/g.
  • Los Angeles- $4.35/g, down 0.8 cents per gallon from last week’s $4.36/g.

“Motorists have seen average gas prices edge slightly higher over the last week, even as the price of oil saw selling pressure. This leads me to believe that the tide may soon turn on gas prices, so long as we don’t see hurricanes target the country. In addition, GasBuddy data showed a decline in gasoline demand last week as we inch towards the end of the summer driving season, a time when demand softens,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “With the factors that drive prices higher now softening, I’m hopeful that in the next few weeks, we’ll start to see average gas prices declining. However, motorists shouldn’t get too excited yet – larger declines will likely not come until late September and October, as we transition back to cheaper winter gasoline.”

Image Sources

  • Gas Prices: KGWN