LA Auto Club: Lower Gas Prices Are a Holiday Treat

LOS ANGELES--Nov. 25, 2004--For the fifth consecutive week, gasoline prices in the Southland fell last week, possibly setting the stage for slow and steady declines for the remainder of 2004, 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 $2.292 a gallon, which is 3.4 cents lower than last week, 15 cents lower than last month and 56 cents higher than last year. In San Diego, the price is $2.320, which is 3.7 cents lower than last week, 15 cents below last month and 57 cents above last year. On the Central Coast, the average price is $2.420, which is down 3.2 cents from last week, 15 cents lower than last month and 59 cents higher than last year. In the Inland Empire, the average price is $2.316, which is down 4.2 cents from last week, 14 cents below last month and 59 cents above last year.

"After weeks of record-high oil prices, investor nervousness has eased and prices have been declining," said Auto Club spokesperson Carol Thorp. "Falling oil prices have contributed to lower gas prices. We expect pump prices to continue declining at a steady pace for the rest of the year."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Nov. 25, 2004.

Area                          Regular  Change from    Record Price
                                        last week

Los Angeles-Long Beach         $2.292  -3.4 cents  $2.446 (10/21/2004)

Orange County                  $2.283  -3.5 cents  $2.441 (10/23/2004)

San Diego                      $2.320  -3.7 cents  $2.464 (10/21/2004)

Santa Barbara-Santa Maria-
 Lompoc                        $2.420  -3.2 cents  $2.570 (10/22/2004)

Riverside-San Bernardino       $2.316  -4.2 cents  $2.461 (10/21/2004)

Bakersfield                    $2.294  -3.6 cents  $2.437 (10/23/2004)

Las Vegas                      $2.149  -3.8 cents  $2.290 (10/20/2004)