Auto Club: Fourth of July Weekend Sees 5th Straight Week of Gas Price Declines

(LOS ANGELES, July 2, 2004) — Beleaguered motorists will enjoy lower gasoline prices for the Independence Day weekend. This was the fifth consecutive week of lower prices, but indicators point to the possibility of prices finding a low point, 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 $2.261 a gallon, which is 2.8 cents lower than last week, 11 cents lower than last month and 49 cents higher than last year. In San Diego, the price is $2.249, which is 1.4 cents below last week, 12 cents lower than last month and 47 cents above last year. On the central coast, the average price is $2.402, which down 2.3 cents from last week, 8 cents below last month and 52 cents higher than last year.

"Over the past several weeks, the nation's inventories of gasoline have grown and that has contributed to the downward trend in gasoline prices," said Auto Club spokesperson, Carol Thorp. "Now, the summer driving season is in full swing. Demand has been building steadily, cutting into inventories. Prices could continue lower for another week, but it's likely that we're close to a low point. By this time next month, gas prices could be rising into record high territory again."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., July 2.

Area

Regular

Change from
last week

Record Price

Los Angeles–Long Beach

$2.261

- 2.8 cents

$2.368 (05/28/2004)

Orange County

$2.242

- 2.3 cents

$2.353 (06/01/2004)

San Diego

$2.249

- 1.4 cents

$2.373 (05/26/2004)

Santa Barbara–Santa Maria– Lompoc

$2.402

- 2.3 cents

$2.489 (05/29/2004)

Riverside–San Bernardino

$2.278

- 1.4 cents

$2.399 (06/01/2004)

Bakersfield

$2.271

- 2.3 cents

$2.383 (06/01/2004)

Las Vegas, NV

$2.108

- 3.1 cents

$2.279 (05/26/2004)

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