Lake Elsinore Gas Prices Are Dropping: Will Trend Continue?

LAKE ELSINORE, CA — Over the past month, residents of Lake Elsinore and Wildomar have wondered if gas prices would tip over $6 per gallon. On Wednesday, the AAA and Oil Price Information Service stated the average price has dropped nearly 40 cents in the past two weeks, making the average price of a gallon of self-serve regular gasoline a whopping $5.759.

The average price fell 3.7 cents this week, according to figures from the service. The decreasing prices follow a run of 22 increases in 24 days, totaling 86.6 cents.

Southwest Riverside County's Costco gas stations offered self-serve regular gasoline at $4.99 per gallon. In nearby Murrieta, Sam's Club had Costco gas prices beat, with fuel at $4.98 per gallon. Meanwhile, Sinclair fuel, typically among the lower-cost fuels in Temecula, remained at $5.79 per gallon, according to the crowd-sourced gasoline locator app www.gasbuddy.com.

The average price is 26.7 cents less than one week ago and 48.7 cents lower than one year ago but 35.2 cents more than one month ago. It has dropped 61.4 cents since rising to a record $6.373 on Oct. 5, 2022.

The decreasing prices stem from Gov. Gavin Newsom sending a letter to the California Air Resources Board on Sept. 28 directing it to allow refineries to begin making and distributing winter-blend gasoline, which is cheaper to produce.

Stations normally cannot start selling winter blend gas until Nov. 1.

"Uncertainty amid violence in the Middle East could send pump prices creeping upward again but we won't know for several days," Doug Shupe, the Automobile Club of Southern California's corporate communications manager, told City News Service.

"While some analysts say we'll likely not see much of an impact, oil prices did spike in overnight trading following the Hamas attack on Israel, but not enough to impact gas prices. For now, our pump prices continue to move lower."

The national average price dropped for the 13th consecutive day and 21th time in 23 days, decreasing 1.9 cents to $3.663. It has dropped 21.8 cents over the past 22 days, including 2.2 cents Tuesday.

The national average price is 12.2 cents less than one week ago, 16.9 cents lower than one month ago and 26 cents below what it was one year ago. It has dropped $1.353 since rising to a record $5.016 on June 14, 2022.

The run of decreases follows an 11-day streak of increases totaling 7.8 cents.

City News Service, Patch Editor Ashley Ludwig contributed to this report.