LA Auto Club: Gas Prices Continue Dropping; Four Consecutive Weeks of Declines

    LOS ANGELES--July 18, 2003--Gasoline prices, that for the previous three weeks had edged lower from week to week, took a steeper dip last week, according to the Automobile Club of Southern California's Weekend Gas Watch.
    Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.727 per gallon, which is 2.7 cents lower than last week's price, 5 cents lower than last month and 11 cents higher than last year. In San Diego, the price is $1.74, which is 2 cents below last week's level, 1 cent below last month and 12 cents above last year. Motorists in the central coast have an average price of $1.846, which is 2.4 cents lower than last week's price, 5 cents lower than last month and 17 cents higher than last year.
    "Wholesale prices have dropped about five cents per gallon in California in the past couple weeks and that has had a big impact in the prices we pay at the pump," said Carol Thorp, spokesperson for the Automobile Club of Southern California. "Dealers are enjoying a healthy profit margin, so with wholesale prices declining, we should see lower retail prices through at least the next couple of weeks."
    The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., July 18:

Area                     Regular    Change from        Record Price
                                     last week

Los Angeles-Long Beach   $1.727      -2.7 cents       $2.167 (3/22/03)

San Diego                $1.747      -2.0 cents       $2.211 (3/20/03)

Santa Barbara-Santa Maria-
Lompoc                   $1.846      -2.4 cents       $2.207 (3/22/03)

Las Vegas                $1.660      -1.6 cents       $2.063 (3/25/03)

Phoenix                  $1.595      -2.5 cents       $2.003 (3/22/03)