Lake Elsinore Gas Prices Soar As Summer Arrives

LAKE ELSINORE, CA — There is no relief in sight for the rising cost of gasoline in Lake Elsinore and Southern California as summer arrives in what officials say is a "supply and demand" issue. As long as the demand increases, so will the price at the pump, according to a AAA spokesperson.

The average price of a gallon of self-serve regular gasoline in Riverside County Monday set a record for the 10th consecutive day, rising 1 cent to $6.213, extending its streak of increases to 11 consecutive days.

The average price has risen $1.498 since Russia's invasion of Ukraine on Feb. 24 "sent shock waves through the oil market that have kept oil costs elevated," said Andrew Gross, an AAA national public relations manager.

The average price has risen 23.7 cents over the past 11 days, including 3.3 cents Sunday, according to figures from the AAA and the Oil Price Information Service. It is 18.2 cents more than one week ago, 43.9 cents higher than one month ago and $2.051 greater than one year ago.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration. The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.

The national average price rose 1.7 cents to a record $4.865.

"Supply and demand dynamics have contributed to rising pump prices," Gross said. "Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight."