RIVERSIDE – The average price of a gallon of self-serve unleaded gasoline in the Inland Empire fell for the 28th consecutive day, dropping 1.5 cents Tuesday to $3.394.

The average price in Riverside and San Bernardino counties is 35.9 cents less than at this time last month and $1.22 less than the record high of $4.614 set on June 22, but 37.2 cents more than at this time last year, the Oil Price Information Service reported.

The average price has dropped a total of 36.7 cents over the past 28 days, including 2 cents from Sunday to Monday. The average price has declined 95 of the past 98 days.

The dropping price is a result of lower demand, a steady decline in crude oil prices, stemming in part from the worldwide economic downturn, and reduced speculation by futures traders, Automobile Club of Southern California spokesman Jeffrey Spring told City News Service.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, director of strategic communications for the Western States Petroleum Association, a trade association representing major oil companies in six Western states.

Despite an increase of $3.49 to $81.19 in trading on the New York Mercantile Exchange Monday, the price of a barrel of light sweet crude for November delivery has fallen 45 percent since hitting a record high of $147.27 on July 11.

The Monday increase was attributed to an European bank rescue plan and next month's scheduled meeting of the Organization of Petroleum Exporting Countries, at which the cartel “very likely” will agree to cut production in an effort to curb falling prices, according to OPEC President Chakib Khelil.