LA Auto Club: Gas Prices Begin to Level Off

LOS ANGELES--Nov. 15, 2002--Gasoline prices throughout the southwest started to level off last week, possibly indicating that pump prices could remain close to their current levels through the Thanksgiving holiday period, 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.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.600 per gallon, which is nine-tenths of a cent higher than last week's price, 4 cents higher than last month and 32 cents higher than last year.

In San Diego the price is $1.672 which is 1.7 cents higher than last week's level, 5 cents above last month and 21 cents more than last year. Motorists in the central coast have an average price of $1.649, which is one-tenth of a cent below last week's price, unchanged from last month and 23 cents higher than last year.

"Prices at the wholesale level, which had been rising during the previous month, have started to back off a little and it usually takes a week or so for that to be reflected at the retail pump," Auto Club spokesperson Carol Thorp said. "In the near term, prices could climb a little more, but in all likelihood they will stay within a couple of cents of where they are now."

Average prices as of 12:01 a.m., Nov. 15:

Area                        Regular    Change from    Record Price
                                        last week

Los Angeles-Long Beach      $1.600      +0.9 cents    $2.036 (5/25/01)

San Diego                   $1.672      +1.7 cents    $2.025 (5/29/01)

Santa Barbara-Santa Maria-
Lompoc                      $1.649      -0.1 cents    $2.069 (5/16/01)

Las Vegas                   $1.449      +1.8 cents    $1.885 (3/27/00)

Phoenix-Mesa, Ariz.         $1.374         Same       $1.720 (5/30/01)