Gas Prices Continue to Drop, Just More Slowly

hand at gas pump

Southern California gasoline dropped about a penny a day last week in most regions, yet remained the highest priced fuel in the nation, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $3.506 a gallon for regular today, six cents less than last week.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.628 per gallon, which is 7.2 cents less than last week, 38 cents less than last month, and 51 cents lower than last year. In San Diego, the average price is $3.588, which is 6.9 cents less than last week, 39 cents lower than last month, and 52 cents lower than last year. On the Central Coast, the average price is $3.592, 5.7 cents less than last week, 34 cents lower than a month ago, and 56 cents less than last year. In the Inland Empire, the average per-gallon price is $3.571, down 6.9 cents from last week, 37 cents less than last month, and 53 cents less than last year.

“The margin between retail and wholesale gasoline is decreasing, but still remains wider than the usual margin of $1 per gallon.  Today’s Los Angeles wholesale price is $2.18 a gallon, while the average retail price is about $3.50 – a $1.30 difference,” said Auto Club spokesman Jeffrey Spring. “Based on the current margin, we believe retail prices still have room to decrease, but it appears the ‘up like a rocket, down like a feather’ pricing method is being employed.”

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on June 18, averages are: 

Area

Regular

One-week

change

Record Price

Los Angeles – Long Beach

$3.628

   -7.2 cents  

  $4.705 (10/9/12)

 

 

 

 

Orange County

$3.555

-6.7 cents

  $4.690 (10/8/12)

 

 

 

 

San Diego

$3.588

   -6.9 cents

  $4.725 (10/8/12)

 

 

 

 

Santa Barbara – Santa Maria – Lompoc

$3.592

    -5.7 cents

  $4.709 (6/21/08)

 

 

 

 

Riverside – San Bernardino

$3.571

 -6.9 cents

  $4.688 (10/8/12)

 

 

 

 

Ventura

$3.583

 -8.2 cents

  $4.689 (10/7/12)