Although the average price of a gallon of self-serve regular gasoline in the Inland Empire rose today for the 15th consecutive day, the increase of two-tenths of a cent could be an indication the increases may end soon.
(SWRNN/AP file photo)
“The increases have definitely slowed down,” said Marie Montgomery of the Automobile Club of Southern California. “We’re going to have to see a couple a more days to be able to declare the increases are over.”
Montgomery attributes the slowing of the increases to last week’s decline in oil prices to about $106 a barrel off their peak of $113 earlier this month.
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.
The $4.192 average price in Riverside and San Bernardino counties is the most since Aug. 4, 2008, and 3.9 cents above one week ago, 24 cents higher than one month ago and $1.093 greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.
However, the average price is 42.2 cents less than the record high of $4.614 set on June 22, 2008.
The average price has risen 27 of the past 28 days and 68 of the past 70. A 41-day streak of increases ended March 22 with a decrease of a half-cent.
A 12-day streak ended April 4 with a decrease of one-tenth of a cent.
Loading ...
