LA Auto Club: Prices Jump at the Pump; Short Supply Signals Higher Prices Likely
LOS ANGELES--June 21, 2002--Declining gasoline inventories and slim retail profits combined to cause gasoline prices to jump in the previous week after 10 weeks of relative price stability, 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 $1.628 per gallon, which is 5.6 cents higher than last week's price, 5 cents higher than last month's price and 34 cents lower than the price at this time last year.
In San Diego the price is $1.636, which is 4.5 cents higher than last week's level, 3 cents higher than last month and 35 cents lower than last year. Motorists in the central coast have an average price of $1.704, which is 4.2 cents above last week's price, 4 cents higher than last month's price and 29 cents lower than the price last year.
"For several weeks, gasoline inventories in California have been shrinking while prices at the pump were going down. This caused retailers trying to maintain competitive prices to accept progressively slimmer profit margins," said Auto Club spokesperson Carol Thorp.
"It appears that retailers have increased prices to accommodate supply levels. Motorists should expect rising prices through the July 4th holiday period."
Average prices as of 12:01 a.m., June 21:
Area Regular Change from Record Price
last week
Los Angeles-Long Beach $1.628 +5.6 cents $2.036 (5/25/01)
San Diego $1.636 +4.5 cents $2.025 (5/29/01)
Santa Barbara-Santa Maria-
Lompoc $1.704 +4.2 cents $2.069 (5/16/01)
Las Vegas $1.523 +3.5 cents $1.885 (3/27/00)
Phoenix-Mesa, Ariz. $1.469 +5.4 cents $1.720 (5/30/01)
