IE Gas Prices at Lowest Level in Nearly 2 Years

The average price of a gallon of self-serve regular gasoline in the Inland Empire dropped Wednesday to its lowest amount since Dec. 27, 2012, decreasing 1.6 cents to $3.556.

The average price in Riverside and San Bernardino counties has dropped 12 consecutive days and 91 of the past 99, decreasing 59.3 cents over that span, including 1.1 cents on Tuesday, according to figures from the AAA and Oil Price Information Service.

Today’s 1.6-cent decrease was the largest for a single day since Aug. 5.

The average price is 8 cents less than one week ago, 18.7 cents lower than one month ago and 22.7 cents below what it was one year ago.

The falling pump prices are mainly the result of dropping wholesale prices, which are caused in part by the Nov. 1 shift to winter blend gasoline, which is forcing refineries to sell their remaining supply of summer blend gasoline, according to Marie Montgomery of the Automobile Club of Southern California.

Expected lower demand is also pushing wholesale prices down, Montgomery said.

Oil prices dropping to a four-year low is another factor, according to Montgomery.

— City News Service.