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UPDATE: Gas Prices Continue To Drop

The average price has decreased 53.8 cents over the past 21 days, including 3.5 cents on Sunday.

UPDATED AT 10:22 a.m.: The average price of a gallon of self-serve regular gasoline in the Inland Empire today dropped below what it was before supply issues began a spike to a record high.

The average price in Riverside and San Bernardino counties decreased today for the 21st consecutive day, falling 2.4 cents to $4.15, according to figures from the AAA and Oil Price Information Service.

The average price was $4.164 on Oct. 2, one day before the start of a six-day streak of increases totaling 52.4 cents that pushed the price to a record high of $4.688.

The average price has decreased 53.8 cents over the past 21 days, including 3.5 cents on Sunday. It is 30.2 cents less than one week ago but 2.3 cents more than one month ago and 31.1 cents higher than one year ago.

The dropping prices reflect a correction of California's temporary supply issue from refinery problems and an adjustment in demand expectations by wholesale and futures traders, according to Jeffrey Spring of the Automobile Club of Southern California.

 

ORIGINAL POST: The average price of a gallon of self-serve regular gasoline in the Inland Empire decreased Sunday for the 20th consecutive day, falling 3.5 cents to $4.174, one day after dropping 5.2 cents.

The average price in Riverside and San Bernardino counties has declined 51.4 cents over the past 20 days after rising 52.4 cents over the previous six days to a record high of $4.688, according to figures from the AAA and Oil Price Information Service.

The average price is 29.5 cents less than one week ago but 6.7 cents more than one month ago and 33.5 cents higher than one year ago.

The dropping prices reflect a correction of California's temporary supply issue from refinery problems and an adjustment in demand expectations by wholesale and futures traders, according to Jeffrey Spring of the Automobile Club of Southern California.

LBV Collins October 30, 2012 at 11:44 AM
"Now, the fact that the national average is still around $1.00 more than we paid 4 years ago, that's an administration problem." Sorry Jennifer... got a call bull-poop on that one. Prices are higher because of global demand. [1] 1. http://www.csmonitor.com/Environment/Energy-Voices/2012/0920/Gas-prices-Why-are-they-so-high
Roberto October 30, 2012 at 01:19 PM
True, it's a global market but, we need more drilling on federal land, Canadian pipeline waiting for Romney to approve, small business incentives and less socialism.
Anon October 30, 2012 at 03:38 PM
John the sad part is that we think that $3.88 is decent. Its not.
Anon October 30, 2012 at 03:40 PM
I dont think "HE" had anything to do with it. And if you do want to give him credit for it, then why was it like $1.80 when he took office and its $2.00 higher now? DOes he get credit for that too?? Geez
buster ballard October 30, 2012 at 04:36 PM
Stop letting the investors from buying the gasoline then selling it for profit//// bus ballard
buster ballard October 30, 2012 at 04:46 PM
the pipeline we have now is not helping/so why should we build another one. also if we stopped the investors from buying gasoline and selling it for profit it would help keeping prices down,most people do not know this
On the right side October 30, 2012 at 04:59 PM
I'm not sad that gas prices have dropped. I wish that they would drop a lot more. barry won't get credit for it, He has and will continue to do nothing. He stated that HE wants prices high so that people will be be forced to buy his environmental crap. No thinker would ever give him credit for dropping gas prices, but he WILL get credit for rising prices due to his actions and policies.
LBV Collins October 30, 2012 at 05:00 PM
I agree, Roberto, that we need more drilling… and it’s been happening. Check this out: “Over the past decade, America has experienced a technological revolution--not, as expected, in renewable energy--but rather in the extraction of oil and gas. As a result, domestic supplies of new sources of energy--shale gas, oil from shale, tight sands and the deepwater, natural-gas liquids--are booming. The impact is larger than anyone expected. “In 2011, for the first time since 1949, the U.S. became a net exporter of refined petroleum products. Several studies this year have projected that by the end of this decade, the U.S. will surpass both Russia and Saudi Arabia and become the world's largest producer of oil and liquid natural gas. “Much of this opportunity comes from America's newfound ability to draw oil and gas from geological formations that just a few years ago geologists deemed impenetrable. The consequences of this breakthrough, both economic and geopolitical, are difficult to assess, but they range from a manufacturing renaissance in the U.S. to a decline of the geopolitical clout of Russia and the Middle East. Both would obviously be welcome news.” [1] Imagine… a manufacturing renaissance in U.S. oil & gas AND a decline of the geopolitical clout of Russia and the Middle East. That’s something I started dreaming about back in the 1979 Iranian Oil Crisis… and I think it’s about the best news I’ve heard in a long time. 1. http://ti.me/Udgcgi
Lash LaRue October 30, 2012 at 06:01 PM
It was Obama who coined the term in 2008 when he told a group of wealthy elite California donors in San Francisco; "You go into some of these small towns in Pennsylvania, and like a lot of small towns in the Midwest, the jobs have been gone now for 25 years and nothing's replaced them. And they fell through the Clinton Administration, and the Bush Administration, and each successive administration has said that somehow these communities are gonna regenerate and they have not. And it's not surprising then they get bitter, they cling to guns or religion or antipathy to people who aren't like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations."
Interloper October 30, 2012 at 06:37 PM
Isn't that the philosophy behind capitalism? If you sell it for what you paid for it doesn't make any sense at all - the Forward manifesto of mr obama (Socialism).
Jennifer Rasmussen October 30, 2012 at 07:29 PM
LBV Collins, I will clarify… "An administration problem" As in needing to find solutions for. Such as more drilling, which I see we agree on. What I did not say – Obama’s fault! As in placing blame squarely on his shoulders.
Dave October 30, 2012 at 07:44 PM
BB is correct...Interloper...Capitalism is all about making a profit...however the price of gas today has very little to do with supply and demand...it is controlled by the traders buying and selling...without any product changing hands. Our reserves are at all time highs...and our usage is at decade-long lows...however whenever there is an excuse...fire, Mother Nature, etc...the traders start manipulating the prices. No, the governor gets no credit for signing that emergency bill. Refineries were still not ready to produce the winter blend. What actually happened was stations refused to buy fuel at ridiculous prices for fear of getting stuck with expensive product in the ground when prices plunged again. Once they stopped buying...prices fell. Simple economics at work...nothing the government did.
Constant Comment October 30, 2012 at 07:49 PM
Politicians have ALWAYS been gas bags.....thats never changed! HA! }~)
Roberto October 30, 2012 at 08:07 PM
Obama is holding uo the Canadian pipeline into Texas. The Chinese are building a pipeline over the Canadian Rockies to the pacific coast. You guessed it...Obama's fault.
LBV Collins October 30, 2012 at 08:47 PM
Ahhh... Got it, Jennifer! I misunderstood your original comment. My sincere apologies.
Jennifer Rasmussen October 30, 2012 at 09:59 PM
Roberto, I agree with you on the Keystone pipeline! I don’t think this administration has the solutions to our problems, but there is a solution to the problem of this administration and hopefully we will see it implemented one week from today!
Gregory Brittain October 31, 2012 at 12:09 AM
Gas prices continue to be ~$4.00 per gallon or greater. It does not have to be that way. Increase the supply and create more American jobs and wealth in the process.
On the right side October 31, 2012 at 02:16 AM
BB, how can you say another pipeline is not good. The more oil that we can get from a friendly country has got to be better. I know barry and his cronies don't want this, but any thinking person should be clammoring for it. Never mind all of the jobs this will create. I know barry doesn't believe people do create jobs, just "the government", but if HE will get out of the way people will show him how wrong his thinking is. One week to eviction date.
The Republican October 31, 2012 at 02:34 AM
@ Dave can you please tell me where you got your retarded education? I want to send my enemies kids there!
Balance October 31, 2012 at 04:06 AM
@Dave: The Republican mean't to type " enemies' ". Just a grammatical error.
Mr. Logical October 31, 2012 at 06:08 AM
American, that's the point, it's foolish to give a Republican or a Democrat any credit for the gas prices unless you want to talk about the tax on a gallon of gas.
Mr. Logical October 31, 2012 at 06:12 AM
That doesn't make any sense. Blame him for high prices but no credit given for low prices? How about not given any credit or blame to any Republican or Democrat for the price of gas? Why not include the price of bread, eggs and milk? If you want to bash Obama for his views on abortion, I'm right there with you, but not on the price of gas in California.
Mr. Logical October 31, 2012 at 06:13 AM
sounds like something rush would say, over and over...
Balance October 31, 2012 at 06:19 AM
Gas prices in Bush's final year in office (2008) were above $4.00 per gallon. Why are we not acknowledging this fact?
The Republican October 31, 2012 at 06:44 AM
Still too high ...Open up all land to drilling
Balance October 31, 2012 at 06:47 AM
Obama is already doing this.
The Republican October 31, 2012 at 07:10 AM
Oh bullcrap...All the new drilling is on PRIVATE land. Obama has closed off public land and leases to drilling This is undisputable fact and even Obama could not fake this reality in the debates
The Republican October 31, 2012 at 07:13 AM
Obama even said that if we drilled everywhere in the US we would still not produce enough of our own oil which is beyond idiotic since we have more oil here than any other nation on Earth. We just have moronic Libtards that put up artificial barriers that stops oil companies from producing and refining.
Balance October 31, 2012 at 07:17 AM
Not true.
LBV Collins October 31, 2012 at 04:04 PM
Hi Roberto. A couple of points: 1. The Keystone Pipeline is a dead issue politically. I haven't heard Republicans campaigning on this issue for months. 2. To me, it's silly to imply that if the expansion of the Keystone Pipeline had been allowed, there never would have been a pipeline built to China. Canada will build as many pipelines as it can, in every direction possible, to get their product to countries in need. The truth is, both pipelines are in demand, and both are likely to be built. [1] Nonetheless, as I mentioned above, America has the ability to produce its own supply of energy, all from drilling on U.S. land. [2] I really, REALLY prefer that we produce our own energy resources because I don't want our Nation... and our kids... relying on energy sources imported from any where else... including Canada. 1. http://shar.es/c9HhY 2. http://lakeelsinore-wildomar.patch.com/articles/gas-prices-continue-to-drop-cd09cd5a#comment_5257854

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