Gas Prices Reverse Course, Drop Slightly

(LOS ANGELES, Oct. 28, 2010) – After rising for most of October, local gas prices have backed off and are starting to drop slightly, 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 $3.119 per gallon, which is 1.9 cents less than last week, 14 cents higher than last month, and 10 cents higher than last year. In San Diego, the price is $3.136, which is 1.7 cents less than last week’s price, 15 cents above last month, and 14 cents higher than last year. On the Central Coast, the average price is $3.181, down nine-tenths of a penny from last week, 16 cents higher than a month ago, and eight cents above last year. In the Inland Empire, the average per gallon price is $3.116, which is 1.3 cents lower than last week, 15 cents higher than last month, and 11 cents more than last year.
 
“Reports that domestic gasoline demand is down from a year ago may have played a role in stopping October price increases despite the fact that corn prices remain high and that in turn increases the cost of the ethanol in gasoline,” said Auto Club spokesperson Jeffrey Spring. “Oil prices also remain above $80 a barrel, so it’s unclear whether this is a plateau for local gas prices or the start of a sustained downturn.”
 
The Weekend Gas Watch monitors the average price of gasoline. As of 1 p.m. on Oct. 28, averages are:
 
Area                   
 Regular
One-week
change
 
Record Price
 
Los Angeles – Long Beach
$3.119
     -1.9 cents
 $4.626 (6/21/08)
 
 
 
 
Orange County
$3.115
     -2.4 cents
 $4.598 (6/19/08)
 
 
 
 
San Diego
$3.136
     -1.7 cents
 $4.630 (6/19/08)
 
 
 
 
Santa Barbara – Santa Maria – Lompoc
$3.181
     -0.9 cent
 $4.709 (6/21/08)
 
 
 
 
Riverside – San  Bernardino
$3.116
     -1.3 cents
 $4.614 (6/22/08)
 
 
 
 
Bakersfield
$3.195
      -0.5 cent
 $4.591 (6/24/08)
 
 
 
 
Ventura
$3.131
      -1.9 cents
 $4.625 (6/18/08)

Media Contacts

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