How Low Will Gasoline Prices Go This Summer?

Inland Empire drivers are paying less for gasoline in recent weeks, and analysts are signaling that the trend may continue.

The average price of a gallon of self-serve regular gasoline in the Inland Empire decreased 1.3 cents today to $4.26, dropping for the 10th consecutive day and the 13th time in the last 14 days.

Although the average price is still 10.2 cents higher than one month ago, and 24 cents higher than one year ago, increased oil supplies could prompt more price drops.

Oil is now the cheapest it's been all year. Benchmark U.S. crude lost $1.31 to $86.51 per barrel in New York, while Brent crude fell $1.70 to $101.77 per barrel in London.

"It's hard to say how much lower oil can go,” independent analyst and trader Stephen Schork told the Associated Press.

The government reported Thursday that U.S. oil supplies grew more than expected last week: The country is now holding 384.7 million barrels in storage, the most since 1990. The Energy Information Administration report added that oil demand was flat last week in the U.S., and wholesale gasoline demand fell by 2.6 percent when compared with the same period in 2011.

Since April, the average price for a gallon of regular gasoline has dropped by almost 32 cents. --City News Service and the Associated Press contributed to this story.