LA Auto Club: Slight Ups and Downs Hint At Further Stability Leading to Labor Day

    LOS ANGELES--Aug. 23, 2002--With the final three- day weekend of the summer driving season only two weeks away, the average price of gasoline remains relatively stable with only slight movement up and down during the past week, 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 $1.605 per gallon, which is four-tenths of a cent lower than last week's price, 1 cent lower than last month and 1 cent higher than prices at this time last year.
    In San Diego the price is $1.640, which is two-tenths of a cent lower than last week's level, 1 cent higher than last month and 1 cent lower than last year. Motorists in the central coast have an average price of $1.695, which is one-half cent above last week's price, unchanged from last month and 2 cents under the price last year.
    "Earlier this week, crude oil prices spiked to above $30 per barrel as speculation grew about possible hostilities in the Middle East and then fell back to their previous levels," said Auto Club spokesperson Carol Thorp.
    "While the market for crude has been variable, prices of gasoline at the pump have been relatively stable. At this time, there are ample supplies of oil and gasoline and prices should remain close to their current levels for the next couple of weeks."

Average prices as of 12:01 a.m., Aug. 23:

Area                       Regular  Change from    Record Price
                                    last week

Los Angeles-Long Beach     $1.605  -0.4 cents      $2.036 (5/25/01)

San Diego                  $1.640  -0.2 cents      $2.025 (5/29/01)

Santa Barbara-Santa Maria-
Lompoc                     $1.695  +0.5 cents      $2.069 (5/16/01)

Las Vegas                  $1.488  -0.6 cents      $1.885 (3/27/00)

Phoenix-Mesa, Ariz.        $1.427  -0.9 cents      $1.720 (5/30/01)