RIVERSIDE (CNS) – The average price of a gallon of self-serve regular gasoline in Riverside County rose today for the 14th consecutive day after dropping 58 times in 62 days to its lowest amount since Aug. 30, 2016.
The average price rose 1 cent to $2.762, according to figures from the AAA and Oil Price Information Service released Tuesday. It has increased 10.2 cents over the past 14 days, including seven-tenths of a cent on Monday.
The average price is 5.3 cents more than a week ago and 3.8 cents higher than one month ago but $1.22 lower than one year ago. It has decreased 74.6 cents since the start of the year.
The average price dropped 80.6 cents during the run of 58 decreases in 62 days.
The rising prices are the result of increasing demand, refineries that are still producing gasoline at a much lower rate compared to last year and rising oil prices, according to Jeffrey Spring, the Automobile Club of Southern California’s corporate communications manager.
The crude oil price and supply and demand are the most important factors in the gas price, Spring said.