Seventy-Cent Gas Price Spike Shows Signs Of Ending

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After a 70-cent price spike that occurred over the last three weeks at Southern California gas stations, there are signs that prices could retreat slightly in coming weeks as imported gasoline components start arriving to alleviate supply issues, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $3.707 a gallon for regular today, 17.5 cents more than last week.

 

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.825 per gallon, which is 18.2 cents more than last week, 63 cents more than last month, and 46 cents lower than last year. In San Diego, the average price is $3.772, which is 19.4 cents more than last week, 60 cents higher than last month, and 47 cents lower than last year. On the Central Coast, the average price is $3.763, 20 cents more than last week, 58 cents higher than a month ago, and 52 cents less than last year. In the Inland Empire, the average per-gallon price is $3.757, up 20.6 cents from last week, 59 cents more than last month, and 50 cents less than last year.

 

“Los Angeles wholesale gasoline prices reached their highest 2015 level last week on April 29, and have dropped by 20 cents since then on reports of supply relief from overseas that will arrive in coming days and weeks,” said Auto Club spokesman Jeffrey Spring. “As usual, we don’t expect pump prices to retreat as quickly as they jumped upward, but drivers are still spending $7 to $8 less per 15-gallon fill-up than they were at this time last year.”

 

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on May 7, averages are: 

 

Area

  Regular  

One-week  

change  

 Record Price

Los Angeles – Long Beach

$3.825

   +18.2 cents  

  $4.705 (10/9/12)

 

 

 

 

Orange County

$3.820

+18.6 cents

$4.690 (10/8/12)

 

 

 

 

San Diego

$3.772

   +19.4 cents

$4.725 (10/8/12)

 

 

 

 

Santa Barbara – Santa Maria – Lompoc

$3.763

 +20.0 cents

$4.709 (6/21/08)

 

 

 

 

Riverside – San Bernardino

$3.757

 +20.6 cents

$4.688 (10/8/12)

 

 

 

 

Ventura

$3.792

 +17.5 cents

$4.689 (10/7/12)

 

 

 

 

Bakersfield

$3.604

+18.0 cents

$4.648 (10/9/12)