LA Auto Club: Slow Slide of Gas Prices Reaches Eighth Straight Week

LOS ANGELES--July 23, 2004--Retail gasoline prices continued their slow slide last week, but stubbornly high prices in the wholesale market could bring an end to the eight-week downward cycle at the pump, 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 $2.196 a gallon, which is 2.1 cents lower than last week, 10 cents lower than last month and 49 cents higher than last year. In San Diego, the price is $2.205, which is 1.3 cents below last week, 6 cents lower than last month and 48 cents above last year. On the Central Coast, the average price is $2.360, which is down 2 cents from last week, 8 cents below last month and 53 cents higher than last year. In the Inland Empire, the average price is $2.203, which is down 3.4 cents from last week, 10 cents lower than last month and 51 cents higher than last year.

"Retail prices continue downward despite the fact that wholesale prices are 20 cents per gallon higher than this time last month," said Auto Club spokesperson Carol Thorp. "It's likely that prices are near the bottom of the current cycle and they'll probably swing upward soon."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., July 23.

Area                         Regular   Change from     Record Price
                                        last week

Los Angeles-Long Beach        $2.196   -2.1 cents   $2.368 (5/28/2004)

Orange County                 $2.178   -2.3 cents   $2.353 (6/01/2004)

San Diego                     $2.205   -1.3 cents   $2.373 (5/26/2004)

Santa Barbara-Santa Maria-
 Lompoc                       $2.360   -2.0 cents   $2.489 (5/29/2004)

Riverside-San Bernardino      $2.203   -3.4 cents   $2.399 (6/01/2004)

Bakersfield                   $2.231   -1.7 cents   $2.383 (6/01/2004)

Las Vegas                     $2.046   -2.1 cents   $2.279 (5/26/2004)