Auto Club: Gas Prices Vault to Record October High

(LOS ANGELES, Oct. 12, 2004) — Southern California retail prices have surged 24 cents since September 14 to a record high for October, according to the Automobile Club of Southern California's monthly Fuel Gauge Report.

The Southern California October average price for regular self-serve unleaded gasoline is $2.352, which compares to a September average price of $2.111. The prior October high price was last year at $1.87. Statewide, the average price for October is $2.340.

"Continued high crude prices have hit consumers during the past two weeks with a vengeance, " said Auto Club spokeswoman Carol Thorp. "Investor fear of international unrest in oil producing countries and continued reduced production due to Hurricane Ivan in the Gulf of Mexico has pushed crude oil prices to record levels. Even though the bulk of crude for California comes from in-state sources and Alaska, about a third comes from foreign countries. California-based refiners have to compete on the international markets for that oil."

The lowest average price in Southern California is in Van Nuys where regular is selling for $2.239. Santa Barbara continues to have the highest average price in Southern California at $2.524. South Lake Tahoe has the highest price in the state at $2.540. Nationally, the average price is $1.97, up from $1.84 in September.

In Southern California, the averages for regular and premium grades of gasoline are listed below:

The Auto Club's Fuel Gauge Report is based on data gathered from monitoring fuel transactions at 2,800 Southern California gas stations. Oil Price Information Service — the nation's most comprehensive source of petroleum pricing information, provides the data.

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