The average price of a gallon of self-serve regular gasoline in the Inland Empire dropped two-tenths of a cent today to $4.095, one day after rising four-tenths of a cent.
The changing pump prices follow “a bit of movement” of wholesale prices late last week stemming from fears of an interruption of oil shipments from Iraq caused by advances by Sunni militants from the Islamic State of Iraq and Levant, Marie Montgomery of the Automobile Club of Southern California told City News Service.
California refineries receive about 9 percent of their crude oil from Iraq, Montgomery said.
“That’s significant enough to make an impact, but it’s certainly possible other foreign (and) domestic sources will be able to replace it fairly quickly,” Montgomery said.
The average price in Riverside and San Bernardino counties is eight tenths of a cent less than one week ago and 7.6 cents lower than one month ago but 12.2 cents more than one year ago, according to figures from the AAA and
Oil Price Information Service.
Over the past nine days, the average price dropped five times, rose three times and was unchanged once.