Gasoline Prices Continue to Drop in Several US Cities

Inland Empire’s average per gallon price of regular gasoline posted another drop for the 36th straight day. The decline led the gasoline price to its lowest rate since the 22nd of February this year. Despite the drop, the cost of gasoline in that area was still more than $4, at $4.184 per gallon.

For the counties of San Bernardino and Riverside, the average gasoline price was lower by 4.2 cents compared to the previous week, 16.6 cents below its rate last month and 2 cents less than its cost in the past year. The figures are based from the Oil Price Information Service and the AAA.

In the last 36 days, the average gasoline price has declined by a combined 19.5 cents. That includes a recent fall of six-tenths of a cent. The consecutive drop was the longest since the record decline of 37 straight days ended on the 23rd of December.

Marie Montgomery of Southern California’s Automobile Club told the City News Service that wholesale gasoline prices steeply fell in the month of March following the price increase of more than 50 cents in the month of February. Moreover, she said that retail gasoline prices are still falling slowly as a response to the reduction.

The sharp increase in the month of February was attributed to the combined effects of growing current crude oil prices and low supply that resulted from the closure of several refineries in California for the purpose of maintenance. Moreover, the decrease in supply was also caused by the big fire in Blaine, Washington’s Cherry Point refinery.

By: Chris Termeer



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