LA Auto Club: Gas Prices Level Off

LOS ANGELES--May 19, 2006--After nine weeks of spiraling pump prices, gasoline prices leveled off this week as more supply entered the market and consumer demand flattened, 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 $3.401, which is three-tenths of a cent higher than last week, 43 cents higher than last month and 90 cents higher than last year. In San Diego, the price is $3.437, only two-tenths of a cent above last week's price, 45 cents above last month and 94 cents above last year. On the Central Coast, the average price is $3.486, up one cent from last week, 42 cents above last month and 86 cents higher than last year. In the Inland Empire, the average price is $3.440, up one-tenth of a cent from last week, 43 cents above last month and 94 cents higher than last year.

"Nationally, gasoline refineries are producing at higher levels and consumer demand for gas is almost flat compared to last year. That's removed a lot of the upward pressure on Southern California gas prices," said Auto Club spokesperson Carol Thorp. "If prices may remain near their current levels for a couple of weeks, it may indicate that we are at a peak."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., May 19, 2006:

           Area              Regular    Change from    Record Price
                                         last week
Los Angeles-Long Beach        $3.401    +0.3 cents  $3.402 (5/13/2006)

Orange County                 $3.368    +0.6 cents  $3.371 (5/17/2006)

San Diego                     $3.437    +0.2 cents  $3.438 (5/15/2006)

Santa Barbara-Santa Maria-
 Lompoc                       $3.486    +1.0 cents  $3.491 (5/16/2006)

Riverside-San Bernardino      $3.440    +0.1 cents  $3.445 (5/15/2006)

Bakersfield                   $3.446    +0.3 cents  $3.450 (5/16/2006)

Las Vegas                     $3.169    +1.9 cents  $3.176 (5/17/2006)