Jul 29, 2014
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Friday Fuel-up: Welcome (Back) to $4 Gasoline

Middle East tension and refinery fires add to continued price hikes

Friday Fuel-up: Welcome (Back) to $4 Gasoline

The average price of a gallon of self-serve regular gasoline in the Inland Empire rose today for the 18th consecutive day and 35th time in 36 days, but the increases are becoming smaller.

The average price in Riverside and San Bernardino counties rose four-
tenths of a cent to $4.094, 11.9 cents more than one week ago, 40 cents higher than one month ago and 39.7 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service.

Price across Palm Desert and surrounding cities were just under $4.00 per gallon on Wednesday and Thursday.

The average price increased sharply following a fire at the Chevron refinery in Richmond Aug. 6. Wholesale gasoline prices began to rise the following day, reflecting fears of reduced supplies.

"With the refinery still partially open, it appears that wholesale
gasoline buyers feel that for now, they have captured most of the cost increase
that will result from the fire,'' said Jeffrey Spring of the Automobile Club of
Southern California.

The average price is at its highest amount since June 10. Analysts
attributed the increases before the refinery fire to rising crude oil prices,
which in part reflected increasing Middle East tensions.

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.

For the lowest prices reported in Palm Desert, check out our Commute tab at the top of the page. 

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