LA Auto Club: Gasoline Prices Maintain Downward Trend

LOS ANGELES--Oct. 17, 2003--Gasoline prices continued their downward march for the seventh straight week though the Southwest. Full inventories, healthy profits and increased imports combined to push retail prices lower, 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 $1.841 per gallon, which is 4.9 cents lower than last week, 24 cents lower than last month and 29 cents higher than last year. In San Diego, the price is $1.825, which is 5.3 cents below last week's level, 28 cents below last month and 21 cents higher than last year. Motorists in the central coast pay an average price of $1.931, which is 4.1 cents lower than last week's price, 25 cents below last month and 31 cents higher than last year.

"In recent days, the price of crude oil has increased along with wholesale gasoline prices outside of California," said Carol Thorp, Auto Club spokesperson. "But in California, the factors of full inventories, record imports and healthy retail profits continue to push pump prices lower. We expect to see dropping retail prices through the next several weeks, at least."

The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., Oct. 17, 2003:

Area                        Regular     Change from    Record Price
                                          last week

Los Angeles-Long Beach       $1.841      -4.9 cents   $2.167 (3/22/03)

San Diego                    $1.825      -5.3 cents   $2.211 (3/20/03)

Santa Barbara-Santa Maria-
Lompoc                       $1.931      -4.1 cents   $2.233 (8/27/03)

Las Vegas                    $1.715      -1.9 cents   $2.063 (3/25/03)

Phoenix                      $1.717      -5.1 cents   $2.146 (8/26/03)