Inland Empire Gasoline Price Rises For 18th Consecutive Day

RIVERSIDE – Oil speculators and a weak dollar — not supply and demand — are once again driving up gas prices in Riverside County, an Auto Club spokesman said.

The average price of a gallon of self-serve regular gasoline in the Inland Empire rose Sunday for the 18th consecutive day, increasing four-tenths of a cent to $3.038, the most since Oct. 7.

The average price in Riverside and San Bernardino counties is 5 cents more than a week ago, 12.2 cents more than a month ago and $1.115 more than at this time last year, according to figures from the AAA and Oil Price Information Service.

The average price has risen 13.6 cents over the past 18 days, including four-tenths of a cent Saturday.

“Oil industry experts point to a large amount of investment activity in crude oil futures over the past two weeks as the cause of this price increase,” Jeffrey Spring of the Automobile Club of Southern California said.

“Crude oil futures, heating oil futures and gasoline futures are trading at price levels not seen since fall of 2008. Demand continues to be at very low levels — the investment interest in oil and other commodities is driven by the weak dollar.”