Southern California Gas Prices Continue Up, May Be Near Peak, says Auto Club

LOS ANGELES--April 15, 2005--Gasoline prices continued their upward march throughout Southern California last week, but lower costs for crude oil and stability in the wholesale gas market indicate that pump prices may be nearing a peak, according to the Automobile Club of Southern California's Weekend Gas Watch. For the first time this month, prices backed off their record highs in some Southland cities.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.623, which is 8.2 cents higher than last week, 29 cents higher than last month and 40 cents higher than last year. In San Diego, the price is $2.624, which is 8.1 cents higher than last week, 30 cents above last month and 39 cents above last year. On the Central Coast, the average price is $2.727, up 10.1 cents from last week, 29 cents higher than last month and 42 cents higher than last year. In the Inland Empire, the average price is $2.648, up 7.8 cents from last week, 30 cents above last month and 39 cents above last year.

"For the first time this month, some areas have seen prices back off their all-time record highs set this week. Prices may rise again, but declines in the cost of crude oil and stability on the wholesale gasoline market indicate that gasoline may be near its peak," said Auto Club spokesperson Carol Thorp.

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., April 15:

Area                          Regular  Change from     Record Price
                                        last week

Los Angeles-Long Beach         $2.623   +8.2 cents  $2.625 (4/13/2005)

Orange County                  $2.602   +7.5 cents  $2.602 (4/14/2005)

San Diego                      $2.624   +8.1 cents  $2.626 (4/12/2005)

Santa Barbara-Santa Maria-
 Lompoc                        $2.727  +10.1 cents  $2.727 (4/14/2005)

Riverside-San Bernardino       $2.648   +7.8 cents  $2.649 (4/13/2005)

Bakersfield                    $2.680   +6.3 cents  $2.681 (4/13/2005)

Las Vegas                      $2.534   +8.7 cents  $2.534 (4/14/2005)