Riverside Gas Prices Hit One-Month Low

The average price of a gallon of self-serve regular gasoline in Riverside County fell on Friday. The new average is $5.793. This marks the lowest level since September 8. The price dropped 1.8 cents on Friday.

This is the 28th consecutive day of price reductions. Over this period, the average cost has declined by 53.6 cents. Data from AAA and the Oil Price Information Service shows the streak began after a 44-day run of increases. That previous run added 80.9 cents to the price. It had pushed the average to within 4.4 cents of the record high of $6.373 set in October 2022.

The current average is 13.3 cents below last week's level. It is also 52.5 cents lower than a month ago. However, it remains $1.278 higher than a year ago. The price has risen $1.242 since the start of the joint U.S. and Israel war on Iran on February 28. That conflict sent oil prices higher and sped up increases at the pump.

The recent downward trend began five days after Governor Gavin Newsom made an announcement on September 28. He stated that cheaper winter-blend gasoline could be sold immediately. Previously, the customary date for this switch was November 1.

Candace Redd, a senior public affairs specialist for the Automobile Club of Southern California, addressed the trend in a statement released Thursday. She noted that gas prices in California have dropped by more than 40 cents in the past month. She added that worldwide oil prices have increased in the last two weeks due to supply volatility.

Redd said it is uncertain how long pump prices will continue to decline if that trend holds. Nationally, the average price dropped for the sixth consecutive day on Friday. The national average fell 2.2 cents to $4.204. That total decline over six days is 9.1 cents.