There's A Twist To Why 2024 Gas Prices Started Higher In RivCo

RIVERSIDE COUNTY, CA — The average price of a gallon of self-serve regular gasoline in Riverside County rose two-tenths of a cent Thursday to $4.605, the 12th increase in 13 days following a run of 39 decreases in 40 days totaling 48.5 cents.

The average price has increased 8.4 cents over the past 13 days, including three-tenths of a cent Wednesday, according to figures from the AAA and Oil Price Information Service. It is 3.6 cents more than one week ago and 21.3 cents higher than one year ago but 13.3 cents less than one month ago.

The average price has dropped $1.768 since rising to a record $6.373 on Oct. 5, 2022.

"Although Southern California gas prices in 2023 had a lower overall annual average price for the whole year than in 2022, daily gas price averages at the end of 2023 did not drop as much as they did at the end of 2022, so the region is starting 2024 at a higher average price," Marie Montgomery, a public affairs specialist with the Automobile Club of Southern California, told City News Service.

"The reason for this is that wholesale gasoline prices did not drop as far as at the end of 2022 and began swinging upward in the last two weeks of December, mainly driven by trading activity on the wholesale market that anticipates more gas demand from stronger economic expectations this year."

The national average price dropped for the 12th time in 13 days, decreasing four-tenths of a cent to $3.09. The run totaling 3.9 cents includes five decreases of one-tenth of a cent and follows a four-day streak of increases totaling 6.1 cents.

The national average price is 3.1 cents less than one week ago, 15.2 cents lower than one month ago and 17 cents below one year ago. It has decreased $1.926 since rising to a record $5.016 on June 14, 2022.