LA Auto Club: Gasoline Prices Begin Slow Decline

LOS ANGELES--June 11, 2004--Following two months of record price hikes, retail gasoline prices appear to be on a downward pace which should continue for much of the summer, according to the Automobile Club of Southern California's Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.350 a gallon, which is 1.5 cents lower than last week, 11 cents higher than last month and 64 cents higher than last year. In San Diego, the price is $2.340, which is 2.5 cents below last week, 8.6 cents higher than last month and 66 cents above last year. Motorists in the Central Coast pay an average price of $2.478, which is down almost a penny since last week, 13 cents above last month and 63 cents higher than last year.

"Los Angeles wholesale prices are around $1.40 per gallon -- 30 cents below their peak three weeks ago -- and pledges by OPEC have sent crude oil prices down this week, too," said Auto Club spokesperson, Carol Thorp. "Prices at the pump are slowly dropping by comparison to wholesale prices, but that is typical. Look for the independent stations and big box retailers such as Costco to reduce their prices first and fastest."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., June 11.

Area                         Regular   Change from     Record Price
                                        last week

Los Angeles - Long Beach      $2.350   -1.5 cents   $2.368 (5/28/2004)

Orange County                 $2.334   -1.4 cents   $2.353 (6/01/2004)

San Diego                     $2.340   -2.5 cents   $2.373 (5/26/2004)

Santa Barbara-Santa Maria-
 Lompoc                       $2.478   -0.9 cents   $2.489 (5/29/2004)

Riverside - San Bernardino    $2.374   -1.8 cents   $2.399 (6/01/2004)

Bakersfield                   $2.374   -0.8 cents   $2.383 (6/01/2004)

Las Vegas                     $2.255   -2.1 cents   $2.279 (5/26/2004)