Many Local Gas Price Averages Could Dip Below $3 Soon

As local wholesale prices dipped to their lowest levels since 2009, many Southern California areas are very close to seeing average gasoline prices below $3 a gallon after five straight months of price declines, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $3.03 a gallon for regular today, 4.1 cents less than last week.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.07 per gallon, which is 3.4 cents less than last week, 25 cents less than last month, and 56 cents lower than last year. In San Diego, the average price is $3.03, which is 4.9 cents less than last week, 27 cents lower than last month, and 59 cents lower than last year. On the Central Coast, the average price is $3.089, 3.5 cents less than last week, 27 cents lower than a month ago, and 56 cents less than last year. In the Inland Empire, the average per-gallon price is $3.025, down 4.2 cents from last week, 25 cents less than last month, and 57 cents less than last year.

“OPEC actions to continue oil production at current levels has pushed crude oil prices below $70 a barrel, providing even more downward pressure for gas prices,” said Auto Club spokesman Jeffrey Spring. “Here in Southern California, local refineries seem to be operating at full capacity. With average prices in San Diego, the Inland Empire and Orange County within pennies of $3 a gallon, we expect those average prices to drop below $3 in the next week.”

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on Dec. 4, averages are: