Small Decrease Continues Streak of Falling Gasoline Prices in Inland Empire

The streak of decreases in the average price of a gallon of self-serve regular gasoline in the Inland Empire was extended today to a 49th day, but barely, dropping two-tenths of a cent to $3.68 one day after shedding one-tenth of a cent.

The streak of decreases is being threatened by increased wholesale prices stemming from a recent increase in the cost of crude oil, according to Jeffrey Spring of the Automobile Club of Southern California.

The price of a barrel of benchmark West Texas Intermediate crude on the
New York Mercantile Exchange rose to $87.66 Tuesday after dropping to an eight-month low of $77.69 on June 28. The price fell 44 cents Thursday and $2.77 Friday, settling at $84.45 Friday.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, said Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

The average pump price in Riverside and San Bernardino counties is 3.4 cents less than one week ago, 43.7 cents lower than one month ago and 7.1 cents
below what it was one year ago, according to figures from the AAA and Oil Price
Information Service.

The average price has decreased 66.4 cents over the past 49 days, falling to its lowest amount since Jan. 5.