Gas Prices Move Up to Highest Level of This Year

(LOS ANGELES, Aug. 12, 2010) – In the past week, Southern California gas prices climbed up beyond their 2010 peak levels of early May in most areas, according to the Automobile Club of Southern California’s Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.153 per gallon, which is 2.4 cents more than last week, 3.8 cents higher than last month, and 10.3 cents higher than last year. In San Diego, the price is $3.167, 2.9 cents higher than last week’s price, 2.6 cents above last month, and 19 cents higher than last year. On the Central Coast, the average price is $3.223, up 3.5 cents from last week, 4.2 cents higher than a month ago, and 11 cents above last year. In the Inland Empire, the average per gallon price is $3.136, which is 2.5 cents higher than last week, 3.4 cents higher than last month, and 11 cents more than last year.
“The latest pump price increases have resulted from higher crude prices, which oil industry analysts say were caused by a weakened dollar and some futures speculation that we could see a supply disruption during hurricane season,” said Auto Club spokesperson Jeffrey Spring.  “However, crude oil prices have dropped this week in response to bad economic news. It remains to be seen whether gas prices will follow suit..”
The Weekend Gas Watch monitors the average price of gasoline. As of 1 p.m. on Aug. 12, averages are:
Record Price
Los Angeles – Long Beach
     +2.4 cents
 $4.626 (6/21/08)
Orange County
     +1.1 cent
 $4.598 (6/19/08)
San Diego
     +2.9 cents
 $4.630 (6/19/08)
Santa Barbara – Santa Maria – Lompoc
     +3.5 cents
 $4.709 (6/21/08)
Riverside – San  Bernardino
     +2.5 cents
 $4.614 (6/22/08)
      +2.5 cents
 $4.591 (6/24/08)
      +3.4 cents
 $4.625 (6/18/08)