Gas Prices Post Declines for First Time in a Month

(LOS ANGELES – Aug. 11, 2011) –After a turbulent week on Wall Street that sent oil prices tumbling, Southern California gas prices started declining this week by about a penny a day for the first time since early July, 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 $3.755 per gallon, which is 6.1 cents lower than last week, four cents lower than last month, and 60 cents higher than last year. In San Diego, the price is $3.76, a decrease of 5.6 cents from last week, one cent below last month, and 60 cents higher than last year. On the Central Coast, the average price is $3.794, down 6.9 cents from last week, five cents lower than a month ago, and 58 cents above last year. In the Inland Empire, the average per gallon price is $3.737, down 5.6 cents from last week, three cents lower than last month, and 60 cents more than last year.
“There’s widespread expectation that the big drop in oil prices will lead to reduced gas prices,” said Auto Club spokesperson Jeffrey Spring. “The question is how long oil will continue to trade at significantly below $100 a barrel. That will determine whether gas price decreases are brief or whether they will provide long and significant relief to drivers who have been paying more for gas this summer than at any other time since 2008.”   
The Weekend Gas Watch monitors the average price of gasoline. As of noon on Aug. 11, averages are:
Record Price
Los Angeles – Long Beach
     -6.l cents
 $4.626 (6/21/08)
Orange County
     -5.9 cents
 $4.598 (6/19/08)
San Diego
     -5.6 cents
 $4.630 (6/19/08)
Santa Barbara – Santa Maria – Lompoc
     -6.9 cents
 $4.709 (6/21/08)
Riverside – San  Bernardino
     -5.6 cents
 $4.614 (6/22/08)
      -3.9 cents
 $4.591 (6/24/08)
      -5.9 cents
 $4.625 (6/18/08)

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