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.
