LA Auto Club: Ten Straight Weeks of Gasoline Price Declines; Prices Expected to Level Off Soon

LOS ANGELES--Nov. 7, 2003--The downward slide of gasoline prices continued last week for the tenth consecutive week. But conditions point to a leveling off of pump prices in the next few weeks, according to the Automobile Club of Southern California's Weekend Gas Watch.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.731 per gallon, which is 2.9 cents lower than last week, 19 cents lower than last month and 15 cents higher than last year. In San Diego, the price is $1.734, which is 1.9 cents below last week's level, 18 cents below last month and 8 cents higher than last year. Motorists in the central coast pay an average price of $1.839, which is 1.6 cents lower than last week's price, 18 cents below last month and 19 cents higher than last year.

"The factors of low demand and ample supply point to continued declining prices, but we're getting close to the bottom," said Carol Thorp, Auto Club spokesperson. "Dealer profit has dropped from 30 cents per gallon a month ago, down to about 15 cents per gallon now. Prices could level off in the next couple of weeks about 5 to 10 cents lower than where they are now."

The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., Nov. 7, 2003:

Area                        Regular    Change from      Record Price
                                        last week

Los Angeles-Long Beach       $1.731    -2.9 cents      $2.167(3/22/03)

San Diego                    $1.734    -1.9 cents      $2.211(3/20/03)

Santa Barbara-Santa Maria-
 Lompoc                      $1.839    -1.6 cents      $2.233(8/27/03)

Las Vegas                    $1.676    -0.3 cents      $2.063(3/25/03)

Phoenix                      $1.604    -2.6 cents      $2.146(8/26/03)