Gas Prices Tumble Down for Holiday Travelers

Local gas prices experienced their biggest one-week drop during any May week in the past ten years, tumbling by a penny a day or more in most areas and bringing prices below $3 a gallon to hundreds more Southland gas stations, 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 $3.030 per gallon, which is 6.8 cents less than last week, 6.4 cents lower than last month, and 38 cents higher than last year. In San Diego, the price is $3.013, which is 8.7 cents less than last week’s price, 8.9 cents below last month, and 35 cents higher than last year. On the Central Coast, the average price is $3.089, 8.2 cents less than last week, 7.5 cents lower than a month ago, and 38 cents above last year. In the Inland Empire, the average per gallon price is $3.013, which is 7.8 cents less than last week, 8.3 cents lower than last month, and 36 cents more than last year.

Among Southern Californians, the Auto Club predicts about 2.5 million people will make getaways this holiday weekend, and 84 percent of them, or 2.1 million travelers, are expected to drive to their destinations.
“Local gas prices are more quickly responding to market signals that have pulled crude oil and wholesale gasoline prices sharply lower this month,” said Auto Club spokesperson Jeffrey Spring. “Although price averages are still about 35 cents higher than this time last year, Memorial Day travelers are getting a huge break at the pump compared to two years ago when prices were soaring over $4 a gallon. In addition, their vacation budgets will benefit from lower average hotel and car rental rates compared to last year’s Memorial Day weekend.”
The Weekend Gas Watch monitors the average price of gasoline. As of 1 p.m. on May 27, averages are:
Record Price
Los Angeles – Long Beach
     -6.8 cents
 $4.626 (6/21/08)
Orange County
     -6.7 cents
 $4.598 (6/19/08)
San Diego
     -8.7 cents
 $4.630 (6/19/08)
Santa Barbara – Santa Maria – Lompoc
     -8.2 cents
 $4.709 (6/21/08)
Riverside – San  Bernardino
     -7.8 cents
 $4.614 (6/22/08)
      -8.1 cents
 $4.591 (6/24/08)
      -5.7 cents
 $4.625 (6/18/08)