Gasoline Prices Down In Inland Empire
The average price of a gallon of self-serve regular gasoline in the Inland Empire fell 1.7 cents today to $3.876, the lowest since March 6, one day after a 42-day streak of decreases ended with an increase of two-tenths of a cent.
The average price in Riverside and San Bernardino counties is 4.8 cents less than one week ago and 28.1 cents lower than a month ago but 80.3 cents higher than a year ago, according to figures from the AAA and Oil Price Information Service.
The average price fell 37.4 cents during the streak that began May 7.
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 closed at $93.01 Friday, the lowest since February.
The price has fallen 18 percent 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.
