134% Increase Over Last Year: Rising Crude Oil Price Hits RivCo

RIVERSIDE COUNTY, CA — The average price of a gallon of self-serve regular gasoline in Riverside County rose three-tenths of a cent Monday to $4.463, one day after increasing two-tenths of a cent.

The average price has risen 13 of the past 14 days, increasing 11.1 cents to its highest amount since Oct. 21, 2012, according to figures from the AAA and Oil Price Information Service. It rose six consecutive days, was unchanged Monday and resumed increasing Tuesday.

The average price is 5.9 cents more than one week ago, 14.8 cents higher than one month ago and $1.34 greater than one year ago.

The rising gas prices are caused by high crude oil prices. The price of a barrel of West Texas intermediate crude for November delivery on the New York Mercantile Exchange rose six of the past seven trading sessions, including increasing $1.26 Friday to settle at $83.76, its second-highest settlement price of the year, behind only Wednesday's $83.87 settlement price.

The settlement price increased for nine consecutive weeks, the longest streak on record. Figures are available back to April 1983.

The crude oil price has increased 134.03% from its 52-week low of $35.79 on Oct. 30, 2020, because of higher demand following the elimination of coronavirus-related restrictions.

Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.