Gas Prices Post First Weekly Decline Since January

(LOS ANGELES – May 12, 2011) –With wholesale prices reportedly more than $1 per gallon below retail, local pump prices finally began moving downward in the past week, 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 $4.268 per gallon, which is 2.1 cents lower than last week, eight cents higher than last month, and $1.13 higher than last year. In San Diego, the price is $4.247, a decrease of 3.1 cents from last week, seven cents above last month, and $1.09 higher than last year. On the Central Coast, the average price is $4.301, down 1.7 cents from last week, nine cents higher than a month ago, and $1.09 above last year. In the Inland Empire, the average per gallon price is $4.244, which is 1.6 cents lower than last week, nine cents higher than last month, and $1.09 more than last year.
 
“Crude oil prices took a big tumble last week, and California wholesale gasoline prices are now reportedly around $3.10 a gallon,” said Auto Club spokesperson Jeffrey Spring. “The typical markup from wholesale prices is 60 to 70 cents including taxes, fees, other costs and profits, so there’s lots of room for prices to drop substantially. However, it’s rare for gas prices to drop as quickly as they rise.”
 
The Weekend Gas Watch monitors the average price of gasoline. As of 2 p.m. on May 12, averages are:
 
Area                   
 Regular
One-week
change
 
Record Price
 
Los Angeles–Long Beach
$4.268
     -2.1 cents
 $4.626 (6/21/08)
 
 
 
 
OrangeCounty
$4.242
     -2.3 cents
 $4.598 (6/19/08)
 
 
 
 
San Diego
$4.247
     -3.1 cents
 $4.630 (6/19/08)
 
 
 
 
Santa Barbara–Santa Maria–Lompoc
$4.301
     -1.7 cents
 $4.709 (6/21/08)
 
 
 
 
Riverside–San  Bernardino
$4.244
     -1.6 cents
 $4.614 (6/22/08)
 
 
 
 
Bakersfield
$4.265
      -0.4 cents
 $4.591 (6/24/08)
 
 
 
 
Ventura
$4.268
      -1.6 cents
 $4.625 (6/18/08)
 
 

Media Contacts

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