The 11th increase in 12 days pushed the average price in Riverside and San Bernardino counties 3.9 cents higher than a week ago, 8.2 cents above what is was one month ago and 46.1 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.
“Investors anxious about the political upheaval in Egypt pushed oil and wholesale gasoline prices high at a time when they should be dropping because of healthy inventories and the upcoming end of the winter gasoline season,” said Jeffrey Spring of the Automobile Club of Southern California.
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, vice president of strategic communications for the Western States Petroleum Association, a trade association representing oil companies in six western states.
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