Auto Club: Gasoline Prices Spike on Continued Fears of War

Weekly Fuel Prices Report

(LOS ANGELES, February 7, 2003) — War fears continue to cause uncertainty in world and local gasoline markets, sending prices higher last week throughout the Southwest for the sixth consecutive week, according to the Weekend Gas Watch compiled by the Automobile Club of Southern California. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles–Long Beach area is $1.695 per gallon, which is 3.1 cents higher than last week�s price, 12 cents higher than last month and 42 cents higher than last year. In San Diego the price is $1.738, which is 2.4 cents higher than last week�s level, ten cents higher than last month and 40 cents higher than last year. Motorists in the central coast have an average price of $1.742, which is 2.7 cents higher than last week�s price, nine cents higher than last month and 37 cents higher than last year.

"Gasoline markets have reflected war fears among traders and that continues to send prices higher," said Carol Thorp, Auto Club spokesperson. "Gasoline refinery activity is down because of tight supplies of crude oil worldwide. An outbreak of hostilities with the resultant loss of Iraqi oil on world markets could cause further gasoline price spikes. "

Average prices as of 12:01 a.m., February 7:

Area Regular Change from
last week
Record Price
Los Angeles–Long Beach $1.695 +3.1 cents $2.036 (5/25/01)
San Diego $1.738 +2.4 cents $2.025 (5/29/01)
Santa Barbara–Santa Maria–Lompoc $1.742 +2.7 cents $2.069 (5/16/01)
Las Vegas, NV $1.590 +6.9 cents $1.885 (3/27/00)
Phoenix–Mesa, AZ $1.425 +4.8 cents $1.720 (5/30/01)

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