Signs Point To More Gas Price Drops In Coming Days

For the third straight week, Southern California gas prices have dropped and news of large fuel inventories is likely to add more downward price pressure in coming days and weeks, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $2.769 a gallon for regular today, six cents less than last Thursday, 13 cents less than on this day last month and $1.05 per gallon lower than a year ago.

 
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.811 per gallon, which is 6.8 cents lower than last week, 16 cents lower than last month, and $1.34 lower than last year. In San Diego, the average price is $2.815, which is 5.2 cents lower than last week, 12 cents lower than last month, and $1.28 less than this time last year. On the Central Coast, the average price is $2.896, 2.4 cents less than last week, nine cents lower than a month ago, and $1.17 less than last year. In the Inland Empire, the average per-gallon price is $2.774, 6.5 cents less than last week, 13 cents less than last month, and $1.32 less than last year.

 
“Los Angeles wholesale fuel prices have dropped by about 40 cents since July 1 to about $1.20 for regular unleaded and are now at their lowest level since February, when the average Los Angeles gas price was about $2.35 to $2.40 a gallon,” said Auto Club spokesman Jeffrey Spring.  “Gasoline inventories are at high levels nationwide as demand is slowing down domestically and worldwide demand is also lower than last year.”

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on July 28, averages are: