Riverside, California – Riverside County’s average price of a gallon of self-serve regular gasoline dropped once more on Monday, continuing its steady decline that began 21 days ago. After declining six tenths of a cent the day before, the price dropped by three tenths of a cent to $5.078.
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The average price has dropped 21.2 cents in total over the last three weeks, with a 1.2-cent decline on Saturday included. These numbers, provide by the AAA and Oil Price Information Service, show a notable drop in a relatively short period of time. Though still 30.8 cents higher than a year ago, the current price is 9.2 cents less than one week ago and 23.8 cents less than one month ago. In particular, the average price has fallen by $1.295 after reaching a record high of $6.373 on October 5, 2022.
Nationally, there is equally declining tendency in the average price of gas. Tenth time in eleven days, the national average price fell, this time by one-tenth of a cent to $3.59. The national average has dropped by 5.2 cents in the last 11 days, including a two-tenths of a cent drop on Sunday. The national average is now 2.9 cents less than one week ago and 8.6 cents less than one month ago, however it is still 5 cents higher than a year ago. The national average has dropped by $1.426 since June 14, 2022, when it hit a record high of $5.016.
Consumers are somewhat relieved in the face of economic uncertainty by the ongoing decline in fuel costs. The reasons for the variations in gas prices include variations in the price of crude oil, the amount of refinery output, and the general demand. It’s unknown how these patterns will change as summer draws near, which is usually when fuel consumption is stronger.
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The drop in fuel costs has relieved the financial strain of travel and commuting for Riverside County residents. The steady decline in prices throughout the last month indicates a larger tendency of lower gasoline prices, which may have a favorable effect on household budgets.
