LA Auto Club: Gas Prices May be Leveling Off

    LOS ANGELES--Nov. 1, 2002--Last week the L.A. metro area posted its eighth straight week of average gasoline price declines, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California.
    However, the downward movement was so tiny that it might signal a leveling out of pump prices. 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 $1.524 per gallon, which is two-tenths of a cent lower than last week's price, 7 cents lower than last month and 15 cents higher than last year.
    In San Diego the price is $1.605 which is one-half cent higher than last week's level, 4 cents below last month and 8 cents above last year. Motorists in the central coast have an average price of $1.607, which is eight-tenths of a cent below last week's price, 7 cents lower than last month and 8 cents higher than last year.
    "Over the past couple of weeks while pump prices moved lower, wholesale gasoline prices have been inching upward -- squeezing the profits of retailers," Auto Club spokesperson Carol Thorp said. "Based on the slim difference between wholesale and retail prices, prices at the pump probably won't go lower for the time being."

Average prices as of 12:01 a.m., Nov. 1:

Area                        Regular    Change from    Record Price
                                        last week

Los Angeles-Long Beach      $1.524      -0.2 cents    $2.036 (5/25/01)

San Diego                   $1.605      +0.5 cents    $2.025 (5/29/01)

Santa Barbara-Santa Maria-
Lompoc                      $1.607      -0.8 cents    $2.069 (5/16/01)

Las Vegas                   $1.423      -1.6 cents    $1.885 (3/27/00)

Phoenix-Mesa, Ariz.         $1.370      -0.2 cents    $1.720 (5/30/01)