A wholesale gasoline price collapse in California and around the U.S. has resulted in a week of local price decreases not seen since 2008, according to the Automobile Club of Southern California’s Weekend Gas Watch. The state average is $4.312 a gallon for regular today – 23.4 cents lower than last week and 35.9 cents lower than the $4.671 new record price set on Oct. 9.
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.358 per gallon, which is 23 cents less than last week, 21 cents higher than last month, and 48 cents higher than last year. In San Diego, the price is $4.315, 25.7 cents below last week, 20 cents above last month, and 47 cents higher than last year. On the Central Coast, the average price is $4.385, down 20.3 cents from last week, 20 cents higher than a month ago, and 37 cents above last year. In the Inland Empire, the average per gallon price is $4.315, down 25.7 cents from last week, 20 cents higher than last month, and 47 cents more than last year.
“Prices still have about 20 cents to drop before erasing the spike that occurred at the start of October, but it’s encouraging to see such significant price drops,” said Auto Club spokesperson Jeffrey Spring. “The decreases are a reflection of the fact that California’s temporary supply issue has been corrected, and also an adjustment in demand expectations on the part of wholesale and futures traders.”
The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on Oct. 25, averages are:
Los Angeles – Long Beach
Santa Barbara – Santa Maria – Lompoc
Riverside – San Bernardino