Auto Club: Where's the Bottom? Gas Prices Continue Tumbling

    LOS ANGELES--Oct. 26, 2001--The average price of regular self-serve gasoline fell for the sixth consecutive week throughout Southern California and Nevada, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California.
    The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.416 per gallon. This is 5.3 cents lower than last Friday and 62 cents lower than the record high set in May 2001. Market analysts indicate that the softer price of oil coupled with a weak economy continues to push the consumer price downward.
    "Crude oil has been trading around $21 per barrel for the last week," said Auto Club spokesperson Jeffrey Spring. "This is several dollars shy of what OPEC members believe is a fair price. For this reason, various foreign oil ministers have been hinting OPEC might scale back production in the near future to push prices back to the $25-$28 per barrel level. That decision may be made at OPEC's next scheduled meeting on Nov. 14."

Average prices as of 12:01 a.m., Oct. 26:

Area                       Regular      Change from    Record Price
                                         last week

Los Angeles-Long Beach     $1.416       -5.6 cents     $2.036 (5/25)

San Diego                  $1.568       -5.3 cents     $2.025 (5/29)

Santa Barbara-Santa Maria-
Lompoc                     $1.564       -5.9 cents     $2.069 (5/16)

Las Vegas                  $1.381       -5.6 cents     $1.885 (3/27/00)

Phoenix-Mesa, Ariz.        $1.324       -2.4 cents     $1.720 (5/30)