Gas Price Spike May Be Over After All-Time Records Are Broken

Southern Californians have endured the worst two-week gas price spike in history, but prices have backed down slightly in the last few days after setting all-time records, according to the Automobile Club of Southern California’s Weekend Gas Watch. The state average is $4.659 a gallon for regular today – 34.4 cents higher than last week but not quite as high as the $4.671 new record price set on Tuesday.
 
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.696 per gallon, which is 34.9 cents more than last week, 52 cents higher than last month, and 88 cents higher than last year. In San Diego, the price is $4.703, 37.5 cents above last week, 55 cents above last month, and 90 cents higher than last year. On the Central Coast, the average price is $4.675, up 31 cents from last week, 46 cents higher than a month ago, and 81 cents above last year. In the Inland Empire, the average per gallon price is $4.678, up 38 cents from last week, 54 cents higher than last month, and 89 cents more than last year.
 
“The most frustrating aspect of this spike is that prices are still hovering near their new records even after Gov. Jerry Brown’s announcement on Sunday allowing gas stations to sell ‘winter blend’ gasoline before Oct. 31,” said Auto Club spokesperson Jeffrey Spring. “We hope to see some significant price drops in coming days, but they will only come after gas stations are able to sell off the expensive fuel they bought last week.”
  
The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on Oct. 11, averages are:
 
Area                   
Regular
One-week
change
 
Record Price
 
Los Angeles – Long Beach
$4.696
+34.9 cents
 $4.705 (10/9/12)
 
 
 
 
Orange County
$4.669
+33.9 cents
 $4.690 (10/8/12)
 
 
 
 
San Diego
$4.703
+37.5 cents
 $4.725 (10/8/12)
 
 
 
 
Santa Barbara – Santa Maria – Lompoc
$4.675
+31.0 cents
 $4.709 (6/21/08)
 
 
 
 
Riverside – San  Bernardino
$4.678
+38.0 cents
 $4.688 (10/8/12)
 
 
 
 
Bakersfield
$4.641
+34.7 cents
 $4.648 (10/9/12)
 
 
 
 
Ventura
$4.677
+34.6 cents
      $4.689 (10/7/2012)

Media Contacts

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