Gas Prices Coming Down, But Not Fast Enough

Gassing up by Ian Munroe
Photo copyright Ian Munroe https://www.flickr.com/photos/ian_munroe/ http://creativecommons.org/licenses/by/4.0/

Local gas prices dropped by double digits in many areas over the last week, but not nearly as quickly as wholesale prices have plunged, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $3.739 a gallon for regular today, 5.2 cents less than last week.

 

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.813 per gallon, which is 9.7 cents less than last week, 2.3 cents less than last month, and 35 cents lower than last year. In San Diego, the average price is $3.763, which is 11.6 cent less than last week, one-half cent higher than last month, and 36 cents lower than last year. On the Central Coast, the average price is $3.764, 8.9 cents less than last week, 1 cent higher than a month ago, and 41 cents less than last year. In the Inland Empire, the average per-gallon price is $3.744, down 11 cents from last week, half a penny less than last month, and 41 cents less than last year.

 

“Even with the local price drops, Los Angeles and San Luis Obispo are the two U.S. metropolitan regions with the highest gas price averages,” said Auto Club spokesman Jeffrey Spring. “Given this week’s wholesale price levels, our local gas stations should easily be able to drop their prices by another 50 to 60 cents.”

 

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on June 4, averages are: 

 

Area

  Regular   

One-week 

change 

Record Price

Los Angeles – Long Beach

$3.813

   -9.7 cents    

    $4.705 (10/9/12)

 

 

 

 

Orange County

$3.746

-12.7 cents

    $4.690 (10/8/12)

 

 

 

 

San Diego

$3.763

   -11.6 cents

    $4.725 (10/8/12)

 

 

 

 

Santa Barbara – Santa Maria – Lompoc

$3.764

    -8.9 cents

    $4.709 (6/21/08)

 

 

 

 

Riverside – San Bernardino

$3.744

 -11.0 cents

    $4.688 (10/8/12)

 

 

 

 

Ventura

$3.773

 -10.9 cents

    $4.689 (10/7/12)

 

 

 

 

Bakersfield

$3.631

-5.0 cents

    $4.648 (10/9/12)

Media Contacts

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