Drivers See Eighth Gas Price Hike In Eight Days
The eighth consecutive daily increase pushed the average price of a gallon of self-serve regular gasoline in the Inland Empire to its highest amount since Oct. 18, 2008 today.
The half-cent increase boosted the average price in Riverside and San Bernardino counties to $3.295, 3.1 cents more than a week ago, 17.3 cents more than a month ago and 35 cents more than this time last year, according to figures from the AAA and Oil Price Information Service.
The average price rose eight-tenths of a cent last Thursday; seven- tenths of a cent on Friday; four-tenths of a cent on Saturday; three-tenths of a cent on Sunday; four-tenths of a cent Monday; one-tenth of a cent on Tuesday; and seven-tenths of a cent Wednesday.
Analysts attribute the higher prices to increasing crude oil 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.
Analysts say the higher oil prices are the result of anticipated increased demand because of an improved economy, demonstrated by five consecutive months of increased consumer spending.
The price of a barrel of benchmark crude on the New York Mercantile Exchange settled at its highest point since Oct. 3, 2008 last Thursday, $91.51 on the final day of pre-Christmas trading. The price ended at $91.12 on Wednesday.
