Gas Prices Drop For 35th Day
The average price of a gallon of self-serve regular gasoline in the Inland Empire fell today for the 35th consecutive day, decreasing six-tenths of a cent to $3.939, the lowest since March 14.
The average price in Riverside and San Bernardino counties is 5.2 cents less than one week ago and 31.3 cents lower than a month ago but 89.1 cents higher than a year ago, according to figures from the AAA and Oil Price Information Service.
The average price has fallen 32.6 cents during the streak that began May 7, including eight-tenths of a cent on Thursday. It had risen eight times in nine days before the streak of decreases 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 13 percent to $99.21 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.
“As prices are dropping, we are seeing some wider gaps between the cheapest and most expensive gas stations,” said Jeffrey Spring of the Automobile Club of Southern California. “Drivers in the Coachella Valley area can find prices in the $3.60 to $3.70 range.”
