Auto Club: Holiday Spike Fails to Materialize as Gas Prices Continue Falling; First Anniversary of Records Prices

    LOS ANGELES--May 24, 2002--Expectations of a Memorial Day weekend price bump went unrealized as the average price of gasoline declined for the sixth straight week, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California.
    The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    The continuing price slump comes one year after the Los Angeles-Long Beach area recorded its record high price of $2.036.
    Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.572 per gallon, which is 1.5 cents lower than last week's price, five cents lower than last month's price and 46 cents lower than the price at this time last year.
    In San Diego the price is $1.595 which is 2.2 cents lower than last week's level, eight cents lower than last month and 43 cents lower than last year. Motorists in the central coast have an average price of $1.672, which is 1.2 cents below last week's price, two cents lower than last month's price and 38 cents lower than the price last year.
    "We've seen a slow and steady decline in prices that is holding steady through the first weekend of the summer driving season," said Auto Club Spokesperson Carol Thorp. "It's impossible to predict the future of gas prices, but this trend bodes well for the remainder of the summer."

    Average prices as of 12:01 a.m., May 24:

Area                  Regular     Change from          Record Price
                                    last week

Los Angeles-
Long Beach             $1.572      -1.5 cents       $2.036 (5/25/01)

San Diego              $1.595      -2.2 cents       $2.025 (5/29/01)

Santa Barbara-
Santa Maria-
Lompoc                 $1.660      -1.2 cents       $2.069 (5/16/01)

Las Vegas              $1.462      -0.8 cents       $1.885 (3/27/00)

Phoenix-Mesa, 
Ariz.                  $1.400      +0.6 cents       $1.720 (5/30/01)