Coachella Valley Gas Prices Hit Highest Level In Two Years

The average price of a gallon of self-serve regular gasoline in the Inland Empire rose today to its highest amount since Oct. 14, 2008, increasing eight-tenths of a cent to $3.38.

The average price in Riverside and San Bernardino counties is 4.9 cents more than a week ago, 6.1 cents higher than one month ago and 40.6 cents above what it was one year ago, according to figures fromthe AAA and Oil Price Information Service.

The average price has increased five consecutive days — 1.2 cents Wednesday, nine-tenths of a cent Thursday, 1 cent both Friday and Saturday and eight-tenths of a cent today.

Analysts cite high oil prices as the reason for the rising gasoline prices.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, vice president of strategic communications for the Western States Petroleum Association, a trade association representing oil companies in six western states.

The price of a barrel of West Texas Intermediate crude for March delivery on the New York Mercantile Exchange fell $1.51 Friday to $89.03.