Coachella Valley Gas Prices Fall For 12th Straight Day
The average price of a gallon of self-serve regular gasoline in the Inland Empire fell today for the 12th consecutive day, decreasing 2.1 cents to $4.176.
The average price in Riverside and San Bernardino counties is 7.3 cents less than one week ago and 1.4 cents lower than one month ago, but $1.068 higher than a year ago, according to figures from the AAA and Oil Price Information Service.
The average price had risen eight times in nine days before the streak of increases began.
Analysts credit the decreases to the recent decline in the cost of crude oil. However, the trend of decreasing pump prices was threatened by a $3.62 increase in the price of a barrel of benchmark crude to $100.53 in early afternoon trading on the New York Mercantile Exchange.
Analysts said the reasons for the price increase were a surprise drop in inventory stemming from repairs to a Canadian pipeline and the declining worth of the dollar.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.
