Drop In Gas Prices Fueled By Omicron Concerns: RivCo

RIVERSIDE COUNTY, CA — The average price of a gallon of self-serve regular gasoline in Riverside County dropped three-tenths of a cent Thursday to $4.612 one day after rising three-tenths of a cent.

The average price is three-tenths of a cent less than one week ago, 1.3 cents higher than one month ago and $1.50 greater than one year ago, according to figures from the AAA and Oil Price Information Service. It has dropped 2.9 cents since Nov. 27 when it rose to its highest amount since Oct. 13, 2012, $4.641.

"With the price of crude oil remaining some $13 per barrel below its 2021 peak, we have continued to see gas prices decline in nearly every city coast to coast, a trend that will likely continue into yet another week," Patrick De Haan, head of petroleum analysis for GasBuddy, which provides real- time gas price information from more than 150,000 stations, said Wednesday. "Omicron concerns continue to be the primary catalyst for the drop in gas prices across much of the country."

The price of a barrel of West Texas intermediate crude on the New York Mercantile Exchange dropped 56 cents to $70.73 Tuesday. It has dropped 16.4% from its 52-week high of $84.65 hit on Oct. 26.

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