Fears Over Iran's Nuke Program Add To Skyrocketing Inland Empire Gasoline Prices, Analysts Say

The 20th consecutive daily increase Monday pushed the average price of a gallon of self-serve regular gasoline in the Inland Empire to its highest amount since July 29, 2008, $4.294.

The average price in Riverside and San Bernardino counties rose 1.2 cents today and is 26 cents more than one week ago, 56.3 cents higher than a month ago and 57.1 cents greater than a year ago, according to figures from the AAA and Oil Price Information Service.

The average price has risen 52 cents over the past 20 days, including 2.9 cents on Sunday.

Analysts attribute the higher prices at the pump to rising oil prices, which stem from fears of shortages resulting from tensions in the Middle East over Iran's nuclear program, and to speculation by investors. Additional factors include the closure of some California refineries for maintenance and a fire that will keep the Cherry Point refinery near Blaine, Wash., closed for at least three weeks.

The price of a barrel of benchmark West Texas intermediate crude for April delivery settled at $109.77 on the New York Mercantile Exchange Friday, the highest since May 3. The price had been $96 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.