Riverside County gas prices fall to lowest level since 2021, Coachella Valley drivers still paying above national average

RIVERSIDE, Calif. (KESQ) Gas prices across Riverside County dropped Tuesday to their lowest level in more than four years, according to new data, offering some relief to drivers across the Coachella Valley.

Figures from AAA and the Oil Price Information Service show the average price for a gallon of self-serve regular gasoline in Riverside County fell to $4.146, the lowest average recorded since June 3, 2021. The price declined 1.7 cents overnight and has dropped five of the past six days, according to City News Service.

The countywide average is now 1.6 cents lower than one week ago, 28.3 cents lower than one month ago, and 16.5 cents below what drivers were paying one year ago. Prices have dropped more than $2.22 since reaching a record high in October 2022.

Despite the recent declines, prices in the Coachella Valley remain significantly higher than the national average, which currently stands at $2.81 a gallon, according to GasBuddy.

Nationally, the recent five-day streak of gas price declines ended with a slight increase, though prices remain lower than they were one month and one year ago. Analysts say seasonal trends are largely driving the current movement at the pump.

“Another week, and motorists have been greeted with the sixth straight weekly decline in the national average price of gasoline as seasonality continues to drive trends at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a statement released Monday.

Experts note that most short-term price changes are driven by domestic factors such as refinery production, distribution costs, and regional fuel requirements. At the same time, global oil markets remain sensitive to broader geopolitical conditions. Ongoing uncertainty surrounding crude oil production and exports from countries such as Venezuela, which holds some of the world’s largest oil reserves, can influence global crude prices, though those impacts typically affect local gas prices gradually rather than immediately.

Analysts expect gas prices to continue fluctuating in the weeks ahead, with prices likely bottoming out before beginning a seasonal rise as spring approaches.

 News Channel Three will continue tracking gas prices across Riverside County and the Coachella Valley. Tune in tonight at 4pm, 5pm, 6pm and 6:30pm for a full report.