Auto Club: Gasoline Continues Higher but Indicators Point to Light at the End of the Tunnel

LOS ANGELES--March 25, 2005--Gas prices inched higher last week in Southern California as indicators point to a possible cresting of the gasoline price wave, 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 $2.382, which is 2.9 cents higher than last week, 19 cents higher than last month and 23 cents higher than last year. In San Diego, the price is $2.372, which is 3.3 cents higher than last week, 17 cents above last month and 21 cents above last year. On the Central Coast, the average price is $2.499, up 3.7 cents from last week, 20 cents higher than last month and 27 cents higher than last year. In the Inland Empire, the average price is $2.405, up 3.2 cents from last week, 20 cents above last month and 22 cents above last year.

"Motorists can expect gas prices to continue rising for a couple of weeks, but there could be light at the end of the tunnel," said Auto Club spokesperson Carol Thorp. "Crude oil prices have been declining from their record high last week. The cost of crude is the main factor pushing gas prices up. If the trend of lower crude prices continues, motorists may see relief at the pumps as soon as the middle of April."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., March 25:

Area                       Regular   Change from      Record Price
                                      last week

Los Angeles-Long Beach      $2.382    +2.9 cents   $2.446 (10/21/2004)

Orange County               $2.375    +2.3 cents   $2.441 (10/23/2004)

San Diego                   $2.372    +3.3 cents   $2.464 (10/21/2004)

Santa Barbara-Santa Maria-
 Lompoc                     $2.499    +3.7 cents   $2.570 (10/22/2004)

Riverside-San Bernardino    $2.405    +3.2 cents   $2.461 (10/21/2004)

Bakersfield                 $2.384    +4.1 cents   $2.437 (10/23/2004)

Las Vegas                   $2.316    +2.5 cents   $2.316  (3/24/2005)