Local gas prices drop for fourth straight day

POSTED: 09:33 AM PST Mar 04, 2013 
INDIO, Calif. -

The average price of a gallon of self-serve regular gasoline in the Inland Empire fell today for the fourth consecutive day, dropping a half-cent to $4.27.

The average price, which rose 30 times in 31 days before the start of the current streak of declines, is 1.8 cent less than one week ago and 8.8 cents less less than one year ago, but 29.7 cents more than one month ago, according to figures from the AAA and Oil Price Information Service.

The dropping prices are the result of decreasing prices for oil and gasoline futures caused by an increase in fuel supplies stemming from increased refinery production, according to Jeffrey Spring of the Automobile Club of Southern California.