Gas Price Spike Screeches To A Halt

Local gas prices finally stopped skyrocketing in the past week and have even inched downward in the past couple of days, with market indications pointing to a future drop in prices, according to the Automobile Club of Southern California's Weekend Gas Watch. The state average is $4.238 a gallon for regular today – 3.5 cents higher than last week.
 
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.323 per gallon, which is seven-tenths of a cent more than last week, 55 cents higher than last month, and 2 cents lower than last year. In San Diego, the average price is $4.291, six-tenths of a penny above last week, 56 cents above last month, and 4 cents lower than last year. On the CentralCoast, the average price is $4.325, up 1.9 cents from last week, 57 cents higher than a month ago, and 3 cents less than last year. In the Inland Empire, the average per-gallon price is $4.291, up 1.5 cents from last week, 58 cents higher than last month, and 2 cents less than last year.
 
“Los Angeles wholesale gasoline prices and oil prices have taken a nose dive in the last week, along with gasoline futures, because fuel supplies have risen and refineries have increased production,” said Auto Club spokesperson JeffreySpring. “The average Los Angeles price is still higher than the average Honolulu price, but given that local retail prices have exceeded the typical 75-cent margin over wholesale for the past three weeks, there would appear to be plenty of room for prices to drop. We’ll have to see if they do.”
  
The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on Feb. 28, averages are:
 
Area                   
Regular
One-week
change
 
Record Price
 
Los Angeles – Long Beach
$4.323
+0.7 cent
 $4.705 (10/9/12)
 
 
 
 
Orange County
$4.312
+0.6 cent
 $4.690 (10/8/12)
 
 
 
 
San Diego
$4.291
+0.6 cent
 $4.725 (10/8/12)
 
 
 
 
Santa Barbara – Santa Maria – Lompoc
$4.325
+1.9 cents
 $4.709 (6/21/08)
 
 
 
 
Riverside – San  Bernardino
$4.291
+1.5 cents
 $4.688 (10/8/12)
 
 
 
 
Bakersfield
$4.197
+5.3 cents
 $4.648 (10/9/12)
 
 
 
 
Ventura
$4.311
+1.5 cents
   $4.689 (10/7/12)

Media Contacts

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