Coachella Valley Gas Prices Fall For 14th Day
The average price of a gallon of self-serve regular gasoline in the Inland Empire fell today for the 14th consecutive day, decreasing 1.3 cents to $4.144, one day after falling 1.9 cents.
The average price in Riverside and San Bernardino counties is 8.8 cents less than one week ago and 4.8 cents lower than one month ago, but $1.053 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. The price for a barrel of benchmark West Texas Intermediate crude fell $1.66 to $98.44 in trading Thursday on the New York Mercantile Exchange.
The price of a barrel of benchmark crude has fallen 13.6 percent since April 29 when it hit a two-year high of $113.93.
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.
