Lower Demand Continues Pushing Prices Down
(LOS ANGELES, Oct. 14, 2003) The average price of regular gasoline in Southern California has dropped nearly 25 cents in a month, which is welcome news to consumers, but it still remains 13.5 cents higher than the August average, according to the Automobile Club of Southern California's monthly Fuel Gauge Report. Lower demand for gasoline and increased gasoline imports continue to fuel the downward trend.
The Southern California average price for regular self-serve unleaded gasoline is $1.862, down from $2.104 on Sept. 16. The lowest average price in Southern California is Bakersfield, where drivers can pump regular self-serve unleaded gasoline for an average $1.683. San Francisco Bay-area motorists now pay an average of $1.980 down 24 cents from September. Nationally, prices are down 12.4 cents since the September AAA survey and now average $1.565 per gallon.
"While prices have dropped from the late summer spike, they are still 7.5 percent higher than the were during the August 12 survey," said Auto Club spokesperson Carol Thorp. "With lower demand and stable distribution, prices should continue to decline in California during the next few weeks as higher refiner and retail margins fall back into normal ranges."
Thorp added that as long as inventories remain tight and production capacity is not increased, the market is still susceptible to wide swings in pricing.
In Southern California, the averages for regular and premium grades of gasoline are listed below:
|County And City||10/14 Unl||9/16 Unl.||10/14 Pre||9/16 Pre|
|Los Angeles County|
|San Bernardino County|
|San Diego County|
|San Luis Obispo County|
|San Luis Obispo||1.883||2.168||2.106||2.379|
|Santa Barbara County|
|So. Calif. Avg.||1.862||2.104||2.034||2.295|
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.
The Automobile Club of Southern California, the largest affiliate of the AAA, has been serving members since 1900. Today, the Auto Club's members benefit by roadside assistance, insurance products and services, travel agency, financial products, automotive pricing, buying and financing programs, automotive testing and analysis, trip planning services, highway and transportation safety programs. Information about these products and services is available on the Auto Club's Web site at www.aaa-calif.com.