Auto Club: Gas Prices Keep Decreasing But the Pace is Slow

Weekly Fuel Prices Report

(LOS ANGELES, September 19, 2003) — For the third consecutive week, gasoline prices declined throughout Southern California, but motorists still are paying average prices well above $2 per gallon, despite a marked decrease in the cost of a barrel of crude oil, according to the Automobile Club of Southern California�s Weekend Gas Watch.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles–Long Beach area is $2.064 per gallon, which is 4.5 cents lower than last week, 24 cents higher than last month and 45 cents higher than last year. In San Diego, the price is $ 2.083, which is 5.1 cents below last week�s level, 22 cents above than last month and 42 cents higher than last year. Motorists in the central coast pay an average price of $2.165, which is 3.9 cents lower than last week�s price, 26 cents above than last month and 46 cents higher than last year.

"The cost of crude oil has declined to about $27 per barrel and gasoline prices on the wholesale level and spot markets have dropped steeply for a couple of weeks, but retail prices have moved lower incrementally," said Carol Thorp, Auto Club spokesperson. "It appears that oil companies are still taking profits."

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

Average prices as of 12:01 a.m., Sept. 19:

Area Regular Change from last week Record Price
Los Angeles–Long Beach $2.064 -4.5 cents $2.167 (3/22/03)
San Diego $2.083 -5.1 cents $2.211 (3/20/03)
Santa Barbara–Santa Maria–Lompoc $2.165 -3.9 cents $2.233 (8/27/03)
Las Vegas, NV $1.873 -4.3 cents $2.063 (3/25/03)
Phoenix-Mesa, AZ $1.959 -5.3 cents $2.146 (8/26/03)

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