Palm Springs Gas Prices Edge Up Again
The average price of a gallon of self-serve regular gasoline in the Inland Empire rose today to its highest amount since Oct. 4, 2008, increasing 1.3 cents to $3.554.
The 21st increase in 22 days pushed the average price in Riverside and San Bernardino counties 9.9 cents higher than a week ago, 21.6 cents above what it was one month ago and 61.2 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.
Further increases are expected because of the rising price of Brent crude oil, which is used to price the imported oil used by California refineries.
The price of a barrel of Brent crude on the ICE Futures exchange in London rose $5.47 today to $111.25.
The chaos in Libya is among the reasons for increasing crude oil prices, according to analysts.
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.
