Gas Price Decreases May Be On The Horizon

(LOS ANGELES – March 15, 2012) –Amid market signs that Southern California prices may have reached an early peak this year, local gas prices posted a small increase for the second week in a row after the February spike, 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 $4.399 per gallon, which is 2.1 cents more than last week, 48.5 cents higher than last month, and 43 cents higher than last year. In San Diego, the price is $4.380, an increase of a cent over last week, 47 cents above last month, and 40 cents higher than last year. On the Central Coast, the average price is $4.446, up two cents from last week, 49.7 cents higher than a month ago, and 45 cents above last year. In the Inland Empire, the average per gallon price is $4.375, up 1.7 cents from last week, 49.9 cents higher than last month, and 43 cents more than last year.
 
“California’s wholesale gasoline prices have reportedly dropped by 50 cents from their high point reached in February, so if that drop sticks, cheaper gasoline should soon be making its way to the pumps,” said Auto Club spokesperson Jeffrey Spring. “However, we know that prices are particularly volatile in the spring and any incident relating to supply could send wholesale prices back up.”
 
The Weekend Gas Watch monitors the average price of gasoline. As of 11 a.m. on March 15, averages are:
 
Area                   
 Regular
One-week
change
 
Record Price
 
Los Angeles – Long Beach
$4.399
     +2.1 cents
 $4.626 (6/21/08)
 
 
 
 
Orange County
$4.380
     +2.2 cents
 $4.598 (6/19/08)
 
 
 
 
San Diego
$4.380
     +1.0 cent
 $4.630 (6/19/08)
 
 
 
 
Santa Barbara – Santa Maria – Lompoc
$4.446
     +2.0 cents
 $4.709 (6/21/08)
 
 
 
 
Riverside – San  Bernardino
$4.375
     +1.7 cents
 $4.614 (6/22/08)
 
 
 
 
Bakersfield
$4.359
      +0.6 cent
 $4.591 (6/24/08)
 
 
 
 
Ventura
$4.395
      +2.2 cents
 $4.625 (6/18/08)

Media Contacts

Marie Montgomery
(714) 885-2333
Montgomery.Marie@aaa-calif.com