Gas Prices Continue to Inch Lower

    LOS ANGELES--June 22, 2001--The average price of self-serve regular gasoline continued its slow decline throughout Southern California for the fourth straight week, according to the Weekend Gas Watch compiled by the Automobile Club of Southern California.
    Prices fell by 2.5 cents per gallon in the Los Angeles-Long Beach reporting area. The decline was 1.1 cents in San Diego and 1.7 cents in the Central Coast areas. Las Vegas motorists saw a drop in prices of 4.1 cents, while the Phoenix-Mesa, Ariz., area saw a modest price relief of 1.7 cents.
    Since May 25, when the record of $2.036 was set in the Los Angeles-Long Beach area, the average price of self-serve regular has dropped 6.8 cents per gallon. In the four weeks before May 25, gas prices rose 25 cents per gallon in the L.A.-Long Beach area. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    "Prices are falling at a much slower rate than they rose during March, April and May," said Jeffrey Spring, spokesman for the Auto Club. "Nationally, gasoline inventories are at a two-year high because of increased production and imports. Coupled with lower demand for gas, it's likely that prices will decline further."
    Spring explained that according to California Energy Commission data, retailers might be trying to make back the profits they lost during the months of price spikes. During that period, refiners were adding as much as 76 cents per gallon to cover costs and profits, while retailers suffered losses up to 9 cents per gallon.

Average prices as of 12:01 a.m. June 22.

Area                              Regular Change from  Record Price
                                           last week

Los Angeles-Long Beach            $1.968  -2.5 cents  $2.036 (set 5/25)

San Diego                         $1.998  -1.1 cents  $2.025 (5/29)

Santa Barbara-Santa Maria-Lompoc  $1.997  -1.7 cents  $2.069 (5/16)

Las Vegas                         $1.729  -4.1 cents  $1.885 (3/27/00)

Phoenix-Mesa                      $1.660  -1.7 cents  $1.720 (5/30)