Palm Springs Gas Prices Drop To Feb. Levels
The average price of a gallon of self-serve regular gasoline in the Palm Springs area dropped today to its lowest level since Feb. 27, recording its largest daily decline since June 19 by falling 1.7 cents to $3.737.
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The seventh decrease in eight days dropped the average price in Riverside and San Bernardino counties 5.6 cents below what it was one week ago and 2.7 cents lower than a month ago, according to figures from the AAA and Oil Price Information Service. However, the average price is 60.2 cents higher than a year ago,
Analysts attribute the falling pump prices to recent declines to the price of crude oil. The price of a barrel of benchmark West Texas Intermediate crude on the New York Mercantile Exchange fell $2.01 Tuesday to $79.30, the lowest settlement since Sept. 29. However, the price rose $3.59 Wednesday to $82.89.
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.
