Gas Price Drops Stall At 30 Cents Above 2015 Low

empty fuel gauge

Retail gas prices reached a plateau in the last week as wholesale prices rose due to increased demand and in anticipation of an OPEC meeting to consider oil production levels, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $2.694 a gallon for regular today, 1.1 cents less than last week.

 

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.795 per gallon, which is three-tenths of one cent lower than last week, 14 cents less than last month, and 29 cents lower than last year. In San Diego, the average price is $2.752, which is four-tenths of a cent less than last week, 13 cents lower than last month, and 29 cents less than this time last year. On the Central Coast, the average price is $2.762, 1.3 cents less than last week, 18 cents lower than a month ago, and 35 cents less than last year. In the Inland Empire, the average per-gallon price is $2.723, four-tenths of a cent lower than last week, 14 cents less than last month, and 32 cents less than last year.

 

“Local prices are now within 30 cents of their lowest level of 2015, which was an average of about $2.45 a gallon at the end of January,” said Auto Club spokesman Jeffrey Spring. “Analysts are pointing to increased demand as a reason for the pause in gas price drops, as well as an OPEC meeting starting tomorrow that could change oil production levels for OPEC countries.”

 

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on Dec. 3, averages are: 

Area

Regular

One-week

change

Record Price

Los Angeles – Long Beach

$2.795

    -0.3 cent  

  $4.705 (10/9/12)

 

 

 

 

Orange County

$2.771

 +1.1 cents

  $4.690 (10/8/12)

 

 

 

 

San Diego

$2.752

   -0.4 cent

  $4.725 (10/8/12)

 

 

 

 

Santa Barbara – Santa Maria – Lompoc

$2.762

   -1.3 cents

  $4.709 (6/21/08)

 

 

 

 

Riverside – San Bernardino

$2.723

  -0.4 cent

  $4.688 (10/8/12)

 

 

 

 

Ventura

$2.760

  -0.3 cent

  $4.689 (10/7/12)

 

Bakersfield                                          $2.712     -1.2 cents    $4.648 (10/9/12)