Auto Club: Downward Drift Continues

(LOS ANGELES, June 18, 2004) — Growing inventories sent retail gasoline prices drifting lower last week for the third consecutive week, according to the Automobile Club of Southern California’s Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles–Long Beach area is $2.319 a gallon, which is 3.1 cents lower than last week, 3 cents higher than last month and 54 cents higher than last year. In San Diego, the price is $2.306, which is 3.4 cents below last week, the same as last month and 55 cents above last year. Motorists in the central coast pay an average price of $2.456, which down 2.2 cents since last week, 6 cents above last month and 56 cents higher than last year.

“Inventories of gasoline are building, and that has helped push prices lower here in Southern California for three straight weeks,” said Auto Club spokesperson, Carol Thorp. “Conditions point to the downward trend continuing through the July 4th holiday period with prices possibly in the $2.25 range, which is about 50 cents higher than this time last year.”

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., June 18.

Area

Regular

Change from
last week

Record Price

Los Angeles–Long Beach

$2.319

- 3.1 cents

$2.368 (05/28/2004)

Orange County

$2.302

- 3.2 cents

$2.353 (6/01/2004)

San Diego

$2.306

- 3.4 cents

$2.373 (5/26/2004)

Santa Barbara–Santa Maria- Lompoc

$2.456

- 2.2 cents

$2.489 (5/29/2004)

Riverside–San Bernardino

$2.338

- 3.6 cents

$2.399 (6/01/2004)

Bakersfield

$2.335

- 3.9 cents

$2.383 (6/01/2004)

Las Vegas, NV

$2.202

- 5.3 cents

$2.279 (5/26/2004)

###