LA Auto Club: Most Gas Prices in Double-Digit Declines

LOS ANGELES, CA--Sep 15, 2006; Some areas of Southern California experienced double-digit declines at the gas pump this week and the average price of gas in Los Angeles-Long Beach dropped below $3 a gallon, continuing the past month's big price decreases, 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 $2.959, which is 9.4 cents lower than last week, nearly 29 cents lower than last month and 2 cents lower than last year. In San Diego, the price is $2.916, about 11 cents below last week's price, 35 cents below last month and 11 cents below last year. On the Central Coast, the average price is $3.173, down 11.1 cents from last week, 23 cents below last month and 9 cents higher than last year. In the Inland Empire, the average price is $2.966, down almost 10 cents from last week, 30 cents below last month and three cents lower than last year.

"The declining price of oil at $63 per barrel, or $10 less than in July, is fueling the steep decline in gasoline pump prices," said Auto Club spokesperson Carol Thorp. "Also, the price of oil per barrel is falling as futures traders ponder the consequences of a reduced demand for energy and weigh the possibility of an economic slowdown."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Sept. 15:

Area               Regular     Change from last week     Record Price
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Los Angeles -  Long
  Beach                 $2.959            -9.4 cents            $3.402
                                                                (5/13/2006)

Orange County           $2.910            -8.6 cents            $3.371
                                                                (5/17/2006)

San Diego               $2.916           -10.9 cents            $3.438
                                                                (5/15/2006)

Santa Barbara- Santa
  Maria- Lompoc         $3.173           -11.1 cents            $3.491
                                                                (5/16/2006)

Riverside - San
  Bernardino            $2.966            -9.6 cents            $3.445
                                                                (5/15/2006)

Bakersfield             $2.896            -9.9 cents            $3.450
                                                                (5/16/2006)

Las Vegas, NV           $2.874            -7.9 cents            $3.176
                                                                (5/17/2006)