Gas Prices Shoot Over $3 a Gallon Throughout Southland

(LOS ANGELES, Jan. 7, 2010) – Gas prices jumped for the second straight week locally and nationwide in response to higher oil prices, 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 $3.045 per gallon, which is seven cents more than last week, 13 cents more than last month, and $1.19 higher than last year. In San Diego, the price is $3.046, which is 7.6 cents more than last week’s price, 14 cents above last month, and $1.14 higher than last year. On the Central Coast, the average price is $3.098, up 6.2 cents from last week, up 12 cents from a month ago, and $1.12 above last year. In the Inland Empire, the average per gallon price is $3.021, which is 5.9 cents more than last week, 11 cents more than last month, and $1.17 more than last year.

“Oil industry experts point to a large amount of investment activity in crude oil futures over the past two weeks as the cause of this price increase,” said Auto Club spokesperson Jeffrey Spring. “Crude oil futures, heating oil futures and gasoline futures are trading at price levels not seen since fall of 2008. Demand continues to be at very low levels – the investment interest in oil and other commodities is driven by the weak dollar.”

The Weekend Gas Watch monitors the average price of gasoline. As of 1 p.m. on Jan. 7, averages are:
 
Area                   
 Regular
One-week
change
 
Record Price
 
Los Angeles – Long Beach
$3.045
    + 7.0 cents
 $4.626 (6/21/08)
 
 
 
 
Orange County
$3.039
     +7.3 cents
 $4.598 (6/19/08)
 
 
 
 
San Diego
$3.046
     +7.6 cents
 $4.630 (6/19/08)
 
 
 
 
Santa Barbara – Santa Maria – Lompoc
$3.098
     +6.2 cents
 $4.709 (6/21/08)
 
 
 
 
Riverside – San  Bernardino
$3.021
     +5.9 cents
 $4.614 (6/22/08)
 
 
 
 
Bakersfield
$3.063
      +6.7 cents
 $4.591 (6/24/08)
 
 
 
 
Ventura
$3.042
      +6.8 cents
 $4.625 (6/18/08)

Media Contacts

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