Gas Prices Spike to October 2008 Levels

(LOS ANGELES, Dec. 9, 2010) – Fueled by heavy investments in crude oil, local gas prices spiked this past week to levels not seen in more than two years, 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 $3.237 per gallon, which is a about dime more than last week, 13 cents higher than last month, and 30 cents higher than last year. In San Diego, the price is $3.25, nearly ten cents more than last week, 13 cents above last month, and 33 cents higher than last year. On the Central Coast, the average price is $3.275, up nearly eight cents from last week, 11 cents higher than a month ago, and 30 cents above last year. In the Inland Empire, the average per gallon price is $3.212, which is almost nine cents higher than last week, 10 cents higher than last month, and 29 cents more than last year.
“Crude oil prices spiked in response to a weaker dollar and predictions that in 2011, oil could sell for $120 a barrel because of a renewal in worldwide demand,” said Auto Club spokesperson Jeffrey Spring. “Local gasoline demand remains flat but unfortunately, that hasn’t been enough this week to keep pump prices flat.”
The Weekend Gas Watch monitors the average price of gasoline. As of 12 p.m. on Dec. 9, averages are:
Record Price
Los Angeles – Long Beach
     +10.1 cents
 $4.626 (6/21/08)
Orange County
     +9.7 cents
 $4.598 (6/19/08)
San Diego
     +9.7 cents
 $4.630 (6/19/08)
Santa Barbara – Santa Maria – Lompoc
     +7.9 cents
 $4.709 (6/21/08)
Riverside – San  Bernardino
     +8.7 cents
 $4.614 (6/22/08)
      +7.9 cents
 $4.591 (6/24/08)
      +9.6 cents
 $4.625 (6/18/08)

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Marie Montgomery
(714) 885-2333