LA Auto Club: Gasoline Continues Upward March, Setting New Records

LOS ANGELES--May 14, 2004--Investor concern over whether gasoline supplies will be sufficient to meet summer demand pushed gasoline prices upward locally and nationally for the second consecutive week, according to the Automobile Club of Southern California's Weekend Gas Watch. The national average for gasoline is $1.950, 9.3 cents higher than last week and a new record high. Nearly every major city surveyed indicated a new record high.

Currently, the average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.266 a gallon, which is 8.2 cents higher than last week. Today's price is 3.8 cents higher than last month and 37 cents higher than last year. In San Diego, the price is $2.283, which is 7.4 cents above last week, 4.5 cents higher than last month and 41 cents above last year. Motorists in the Central Coast pay an average price of $2.387, which is 6.6 cents higher than last week, 8 cents above last month and 40 cents higher than last year.

"Wholesale gasoline prices shot up to $1.70/gallon last week, dropped for a few days and now have climbed to $1.70 again," said Auto Club spokesperson, Carol Thorp. "Analysts say that there is continuing concern by traders that gasoline demand in the summer may outstrip supply. These supply jitters are pushing prices up so much that we are seeing new retail price records daily throughout Southern California and the nation."

The Weekend Gas Watch monitors the average price of gasoline at metropolitan destinations throughout the nation. Average prices as of 12:01 a.m., May 14, 2004:

Area                          Regular  Change from     Record Price
                                        last week

Los Angeles-Long Beach        $2.266   +8.2 cents   $2.266 (5/13/2004)

San Diego                     $2.283   +7.4 cents   $2.283 (5/13/2004)

Santa Barbara-Santa Maria-
 Lompoc                       $2.387   +6.6 cents   $2.387 (5/13/2004)

The national average price of gasoline rose 9.3 cents last week to a record high of $1.950. This week, 17 of the 19 cities surveyed in the Weekend Gas Watch have set new record high prices.

Area                          Regular  Change from     Record Price
                                        last week

National Average              $1.950   +9.3 cents   $1.950 (5/13/2004)

New York                      $2.105  +10.4 cents   $2.105 (5/13/2004)

Washington                    $1.952   +7.9 cents   $1.952 (5/13/2004)

Boston                        $1.936  +12.2 cents   $1.936 (5/13/2004)

Philadelphia                  $1.947  +12.1 cents   $1.947 (5/13/2004)

Atlanta                       $1.846  +10.9 cents   $1.846 (5/13/2004)

Miami                         $1.955   +8.4 cents   $1.955 (5/13/2004)

Chicago                       $2.102   +8.9 cents   $2.142 (6/19/2000)

Detroit                       $1.994  +10.9 cents   $2.137 (6/20/2000)

Kansas City, Mo.              $1.865  +10.4 cents   $1.868 (5/12/2004)

St. Louis                     $1.882   +4.6 cents   $1.882 (5/13/2004)

Denver                        $1.916   +9.3 cents   $1.916 (5/13/2004)

Dallas                        $1.822   +8.9 cents   $1.822 (5/13/2004)

Houston                       $1.804   +9.1 cents   $1.804 (5/13/2004)

Salt Lake City                $1.957   +3.0 cents   $1.957 (5/13/2004)

Las Vegas                     $2.217   +7.9 cents   $2.217 (5/13/2004)

Phoenix                       $2.155  +11.0 cents   $2.155 (5/13/2004)

Seattle                       $2.215  +10.4 cents   $2.215 (5/13/2004)

San Francisco                 $2.336   +8.1 cents   $2.336 (5/13/2004)

Honolulu                      $2.137   +4.6 cents   $2.137 (5/13/2004)