Palm Springs Gas Prices Lowest Since March
The average price of a gallon of self-serve regular gasoline in the Inland Empire decreased today for the 51st time in 53 days, falling seven-tenths of a cent to $3.815, the lowest since March 3.
The average price in Riverside and San Bernardino counties is 7 cents lower than one week ago and 21.6 cents less than a month ago but 70.1 cents more than a year ago, according to figures from the AAA and Oil Price Information Service.
The average price has fallen 45 cents over the past 53 days — 10.6 percent — including 1 cent on Monday.
Analysts credit the decreases to the declining cost of crude oil. Despite a $1.98 increase to $92.59 in early afternoon trading, the price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange has fallen 18.7 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.
