More Small Gas Price Drops, But Upswing Could Be Coming

Gas pump by Mike Mozart
Photo by Mike Mozart https://www.flickr.com/photos/jeepersmedia creativecommons.org/licenses/by/4.0/  

Southern California gas stations dropped their prices slightly over the last week, but inventory reductions nationwide could indicate a reversal of that trend, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail statewide average is $2.90 a gallon for regular unleaded, two cents less than a week ago.
 
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.90 per gallon, which is one cent less than last week, eight cents below last month, and two cents higher than last year. In San Diego, the average price is $2.88, which is one cent below last week, seven cents less than last month, and a penny more than this time last year. On the Central Coast, the average price is $2.96, which is unchanged from last week, six cents lower than last month, and four cents higher than last year. In the Inland Empire, the average per-gallon price is $2.84, which is down two cents from last week, 10 cents less than last month, and the same as at this time last year.

“Oil industry analysts say that summer fuel demand has finally started making an impact on supplies and they expect price increases in coming weeks both locally and nationally,” said Auto Club spokesman Jeffrey Spring.  “As of this morning, between three and seven percent of gas stations in Los Angeles, Orange County, and the Inland Empire are posting prices under $2.50 a gallon for regular unleaded. To make sure you’re not overpaying, download the free AAA Mobile app to virtually shop for the cheapest gas prices near your location.”

 

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on July 20, averages are:

 

Area

Regular

1-week change

Record Price

Los Angeles – Long Beach

$2.90

 -1 cent

 $4.70 (10/9/12)

 

 

 

 

Orange County

$2.86

 -1 cent

 $4.69 (10/8/12)

 

 

 

 

San Diego

$2.88

 -1 cent

 $4.72 (10/8/12)

 

 

 

 

Santa Barbara – Santa Maria –Lompoc

$2.96

 No change

 $4.70 (6/21/08)

 

Riverside/San Bernardino

$2.84

 -2 cents

 $4.68 (10/8/12)

 

 

 

 

Ventura

$2.88

 -1 cent

 $4.68 (10/7/12)

 

 

 

 

Bakersfield

$2.93

 -2 cents

 $4.64 (10/9/12)