Riverside County drivers are once again feeling the squeeze at the pump, as the average price for a gallon of self-serve regular gasoline climbed for the 40th consecutive day on Sunday, reaching $6.287. This recent ascent means local prices are now at their highest point since October 10, 2022, and sit just 8.6 cents shy of the all-time record for the area. That record, a peak of $6.373, was established on October 5, 2022.
The persistent upward trend has seen prices jump by a notable 76.7 cents over these 40 days of continuous increases. Just Saturday alone contributed 5.3 cents to this climb. These figures, compiled by AAA and Oil Price Information Service, also show that the current average is 19.4 cents higher than it was just one week ago, and a more substantial 70.3 cents more than one month prior. Looking back a full year, the increase is even more stark, with prices up by $1.687 compared to the same time last year.
Much of the recent acceleration in prices is tied to broader geopolitical developments. Specifically, the average price in Riverside County has seen a significant increase of $1.736 since February 28, following the onset of what is described as a joint U.S./Israel war on Iran. This conflict, according to reports, played a direct role in sending global oil prices higher, which then quickly translated into steeper costs at local gas pumps across the region.
In contrast to the steady climb seen in the Inland Empire, the national average price for gasoline has actually experienced a slight decline. On Sunday, it dropped by eight-tenths of a cent, settling at $4.479. However, even with this recent dip, the national average remains generally elevated. It is still three-tenths of a cent higher than it was a week ago, 38 cents more than a month ago, and a considerable $1.342 higher than its price one year ago.
Overall, the national average price has increased by $1.497 since the mentioned attack on Iran. This sustained elevation has led to an unusual situation, as Patrick De Haan, head of petroleum analysis at GasBuddy, observed. According to De Haan, the national average price is currently at its highest amount for this particular late point in the calendar year. GasBuddy is widely known for providing real-time gas price information, drawing data from over 150,000 stations across the country, which offers a comprehensive view of the market trends.
