Auto Club: Gas Prices On Month-Long Slide

Weekly Fuel Prices Report

(LOS ANGELES, April 18, 2003) — Since reaching record setting levels in March, gasoline prices have been on a four week long slide with more declines expected for at least the next couple of weeks, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California. A decline in wholesale gasoline prices is credited with the continued decline in prices at the pump.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles–Long Beach area is $2.103 per gallon, which is 3.3 cents lower than last week�s price, two cents lower than last month and 48 cents higher than last year. In San Diego the price is $2.119, which is 5.9 cents below last week�s level, five cents below last month and 44 cents higher than last year. Motorists in the central coast have an average price of $2.141, which is 3.1 cents lower than last week�s price, one cent lower than last month and 45 cents higher than last year.

"For more than a month, wholesale gasoline prices have been on the decline and that has had a large impact on bringing down prices at the pump, " said Carol Thorp, spokesperson for the Automobile Club of Southern California. "Because of the lag between wholesale and retail prices, motorists can expect prices to continue on a downward trend for at least the next couple of weeks."

The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.

Average prices as of 12:01 a.m., April 18:

Area Regular Change from
last week
Record Price
Los Angeles–Long Beach $2.103 -3.3 cents $2.167 (3/22/03)
San Diego $2.119 -5.9 cents $2.211 (3/20/03)
Santa Barbara–Santa Maria–Lompoc $2.141 -3.1 cents $2.207 (3/22/03)
Las Vegas, NV $1.988 -3.6 cents $2.063 (3/25/03)
Phoenix–Mesa, AZ $1.937 -1.7 cent $2.003 (3/22/03)

###