Auto Club: Gas Price Declines Continue - Likely Will Last Through Thanksgiving

LOS ANGELES--Nov. 4, 2005--Motorists, who endured a high tide of gas prices that topped $3 per gallon in some areas, will continue to enjoy falling prices at the pump for the next few weeks, 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 $2.758, which is 7.1 cents lower than last week, 19 cents lower than last month and 35 cents higher than last year. In San Diego, the price is $2.768 - 8.3 cents below last week's price, 22 cents below last month and 33 cents above last year. On the Central Coast, the average price is $2.867, down 5.2 cents from last week, 18 cents lower than last month and 33 cents higher than last year. In the Inland Empire, the average price is $2.772, down 7.9 cents from last week, 21 cents below last month and 33 cents higher than last year.

"Gasoline prices are falling steadily throughout the region due to rising inventories and reduced demand," Auto Club spokeswoman Carol Thorp said. "In addition, speculators who bought up gasoline futures when prices were rising likely will continue dumping them through the end of November which could also contribute to lower gasoline prices."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Nov. 4, 2005:

Area                         Regular   Change from     Record Price
                                        last week

Los Angeles-Long Beach       $2.758    -7.1 cents    $2.999 (9/6/2005)

Orange County                $2.695    -7.1 cents    $2.970 (9/6/2005)

San Diego                    $2.768    -8.3 cents    $3.060 (9/5/2005)

Santa Barbara-Santa Maria-
 Lompoc                      $2.867    -5.2 cents    $3.111 (9/7/2005)

Riverside-San Bernardino     $2.772    -7.9 cents    $3.030 (9/9/2005)

Bakersfield                  $2.761   -19.0 cents    $3.167 (9/9/2005)

Las Vegas                    $2.594   -16.7 cents    $2.968 (9/8/2005)