LA Auto Club: Six Weeks of Lower Gas Prices with More Likely To Come

LOS ANGELES--Dec. 3, 2004--Gasoline prices remained on a downward trend for the sixth consecutive week last week as crude oil and wholesale gasoline prices continued falling from record highs, 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 $2.252 a gallon, which is 4 cents lower than last week, 17 cents lower than last month and 53 cents higher than last year. In San Diego, the price is $2.285, which is 3.5 cents lower than last week, 16 cents below last month and 56 cents above last year. On the Central Coast, the average price is $2.390, which is down 3 cents from last week, 15 cents lower than last month and 58 cents higher than last year. In the Inland Empire, the average price is $2.285, which is down 3.1 cents from last week, 16 cents below last month and 58 cents above last year.

"The price of crude oil is down 24 percent from its high in October and wholesale gasoline prices in Southern California have dropped about 20 percent in the past month. Those declines have had a big impact on our pump prices," said Auto Club spokesperson Carol Thorp. "If this trend continues, motorists could see more significant declines in retail gasoline between now and Christmas."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Dec. 3, 2004.

Area                        Regular  Change from     Record Price
                                      last week

Los Angeles-Long Beach       $2.252  -4.0 cents  $2.446 (10/21/2004)

Orange County                $2.241  -4.2 cents  $2.441 (10/23/2004)

San Diego                    $2.285  -3.5 cents  $2.464 (10/21/2004)

Santa Barbara-Santa Maria-
 Lompoc                      $2.390  -3.0 cents  $2.570 (10/22/2004)

Riverside-San Bernardino     $2.285  -3.1 cents  $2.461 (10/21/2004)

Bakersfield                  $2.275  -2.1 cents  $2.437 (10/23/2004)

Las Vegas                    $2.133  -1.6 cents  $2.290 (10/20/2004)