Palm Springs Gas Prices Fall For 19th Day
The average price of a gallon of self-serve regular gasoline fell in the Inland Empire today for the 19th consecutive day, decreasing 1.8 cents to $4.061.
The average price in Riverside and San Bernardino counties is 11.5 cents less than one week ago and 14.3 cents lower than a month ago but $1.019 higher than a year ago, according to figures from the AAA and Oil Price Information Service.
The average price has fallen 20.4 cents during the streak, including 1.6 cents on Tuesday. It had risen eight times in nine days before the streak of increases began.
Analysts credit the decreases to the declining cost of crude oil. The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange has fallen 12.6 percent to $99.59 since reaching a two-year high of $113.93 on April 29.
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.
