LA Auto Club: Eighth Straight Week of Price Declines

LOS ANGELES--June 10, 2005--For the eighth consecutive week Southern California gasoline prices continued lower, but indicators point to the possibility that they may bottom out soon, 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 $2.373, which is 3.5 cents lower than last week, 18 cents lower than last month and one cent lower than last year. In San Diego, the price is $2.377, a 2.8-cents decline from last week, 18 cents below last month and three cents above last year. On the Central Coast, the average price is $2.506, down 4.1 cents from last week, 17 cents lower than last month and three cents higher than last year. In the Inland Empire, the average price is $2.358, down 3.4 cents from last week, 22 cents below last month and two cents below last year.

"Gas prices have been drifting lower for almost two months. But in the past couple of weeks, the price of crude oil has risen to the $54 range, sending wholesale gasoline prices higher. Those factors indicate that local retail prices could bottom out soon," said Auto Club spokesperson Carol Thorp. "If crude stays at its current level, we may see the end of our lower price trend in the next week or two."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., June 10.

         Area            Regular     Change from      Record Price
                                      last week

Los Angeles-Long Beach      $2.373    -3.5 cents    $2.625 (4/13/2005)

Orange County               $2.363    -4.0 cents    $2.605 (4/21/2005)

San Diego                   $2.377    -2.8 cents    $2.626 (4/12/2005)

Santa Barbara-Santa
 Maria-Lompoc               $2.506    -4.1 cents    $2.730 (4/29/2005)

Riverside-San
 Bernardino                 $2.358    -3.4 cents    $2.649 (4/13/2005)

Bakersfield                 $2.351    -3.0 cents    $2.682 (4/22/2005)

Las Vegas                   $2.289    -0.6 cents    $2.534 (4/14/2005)