No Near-Term End On Rising Gas Prices: Wars Stress Markets, Deal With Venezuela Will Take Years

RIVERSIDE COUNTY, CA — The average price of a gallon of self-serve regular gasoline in Riverside County rose Tuesday for the 14th consecutive day, increasing 1.2 cents to $5.643.

The average price has risen 12.3 cents over the past 14 days, including 1.1 cents Monday, according to figures from the AAA and Oil Price Information Service. It is 7.2 cents more than one week ago, 3.6 cents higher than one month ago and $1.167 greater than one year ago.

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The average price has increased $1.092 since the start of the joint U.S./Israel attack on Iran on Feb. 28, which sent oil prices higher and drastically accelerated increases at the gas pump.

The national average price rose 1.5 cents to $4.094, one day after increasing two-tenths of a cent. It is one-tenth of a cent less than one week ago and six-tenths of a cent less than one month ago, but 90.5 cents more than one year ago.

The national average price has increased $1.113 since the attack on Iran. It is at its highest amount this late in the calendar year, according to Patrick De Haan, head of petroleum analysis at GasBuddy, which provides real- time gas price information from more than 150,000 stations.

"Average gasoline prices fell in slightly more than half of states over the last week while diesel declined in roughly half, as oil prices moved lower and offered some modest relief at the pump," Haan said in a statement released Monday.

"Over the weekend, the Trump administration struck a major deal with Venezuela, a signal that the White House remains concerned about elevated fuel prices — though in reality, any benefits from increased Venezuelan output will take years to fully materialize and are unlikely to move the needle in the near term.

"The factors with the most immediate impact on where prices go from here remain the ongoing developments between the U.S. and Iran and continued Ukrainian attacks on Russian oil refineries, both of which continue to exert outsized influence on global fuel markets. Motorists should expect continued volatility in the weeks ahead."