RIVERSIDE – The average price of a gallon of self-serve unleaded gasoline in the Inland Empire fell for the 29th consecutive day, dropping 1.5 cents Wednesday to $3.379.

The average price in Riverside and San Bernardino counties is 38.2 cents less than at this time last month and $1.235 less than the record high of $4.614 set on June 22, but 35 cents more than at this time last year, the Oil Price Information Service reported.

The average price has dropped a total of 38.2 cents over the past 29 days, including 1.5 cents from Monday to Tuesday. The average price has declined 96 of the past 99 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.

The price of a barrel of light sweet crude for November delivery fell $2.56 on the New York Mercantile Exchange Tuesday to $78.63. The price has fallen 47 percent since hitting a record high of $147.27 on July 11.