Demand For Gasoline Could Be Dropping, Price Falls In RivCo

RIVERSIDE COUNTY, CA — The average price of a gallon of self-serve regular gasoline in Riverside County dropped Friday to its lowest amount since Feb. 3, decreasing 2.5 cents to $4.488.

The average price has dropped seven of the past eight days, decreasing 11.7 cents, including 2.8 cents Thursday, according to figures from the AAA and Oil Price Information Service. The run of decreases follows a run of 12 increases in 13 days totaling 8.4 cents.

The average price is 11.1 cents less than one week ago and 16.5 cents lower than one month ago but 12.4 cents more than one year ago. It has dropped $1.885 since rising to a record $6.373 on Oct. 5, 2022.

"California wholesale gas prices dropped significantly last week, indicating that demand may be lower than anticipated," said Doug Shupe, the Automobile Club of Southern California's corporate communications manager. "Typically in January, Southern California drivers don't see too many significant pump price declines, and it remains to be seen how long it lasts. There are a few Southern California gas stations today charging less than $3.90 a gallon for regular unleaded."

The national average price dropped for the 16th time in 18 days, decreasing three-tenths of a cent to $3.074. It has dropped 5.3 cents over the past 18 days, including one-tenth of a cent Thursday.

It dropped 14 consecutive days, rose one-tenth of a cent Tuesday and was unchanged Wednesday then resumed dropped Thursday.

The national average price is 1.4 cents less than one week ago, 6.3 cents lower than one month ago and 19.8 cents below what it was one year ago. It has dropped $1.942 since rising to a record $5.016 on June 14, 2022.