Riverside County gas prices fall 2 cents per gallon

Average price per gallon is 35 cents higher compared to same time last year

POSTED: 09:24 AM PDT Jul 08, 2013 
Gas prices

Average retail gasoline prices in Riverside have fallen 2.0 cents per gallon in the past week, averaging $3.98 per gallon Sunday, according to GasBuddy's daily survey of 481 gas outlets in Riverside. This compares with the national average that has fallen 0.5 cents per gallon in the last week to $3.49 per gallon, according to gasoline price website GasBuddy.com. 

Including the change in gas prices in Riverside during the past week, prices yesterday were 35.0 cents per gallon higher than the same day one year ago and are 6.5 cents per gallon higher than a month ago. The national average has decreased 14.4 cents per gallon during the last month and stands 7.8 cents per gallon higher than this day one year ago. 

"After blaming higher gasoline prices on refineries for much of the early spring and summer, it now seems that higher oil prices may be to blame for an expected up tick in the national average," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Oil prices have silently been tracking higher after tension in Egypt started to impact the market, driving oil prices higher. In turn, gasoline prices have begun to stage a rally as well. Oil closed last week at its highest level in over a year, and it may lead to a gentler rally in retail gas price than what we saw earlier this year, but a rally none the less," DeHaan said.