Auto Club: Gas Prices Continue Inching Downward for Seventh Straight Week

(LOS ANGELES, July 16, 2004) — Southern California gasoline prices inched lower again last week, but rising wholesale prices indicate that they could be near the bottom of the current trend, according to the Automobile Club of Southern California's Weekend Gas Watch. Gasoline prices have declined slowly but steadily for the past seven weeks.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.217 a gallon, which is 2.4 cents lower than last week, 11 cents lower than last month and 48 cents higher than last year. In San Diego, the price is $2.218, which is 1.6 cents below last week, 10 cents lower than last month and 46 cents above last year. On the central coast, the average price is $2.380, which is down four-tenths of a cent from last week, 7 cents below last month and 53 cents higher than last year. In the Inland Empire, the average price is $2.237, which is down 1.7 cents from last week, 11 cents lower than last month and 51 cents higher than last year.

"In the past three weeks, wholesale gasoline prices in Los Angeles have climbed 24 cents per gallon. Also, we are entering the peak of the summer driving season, when demand for gas is at its highest," said Auto Club spokesperson Carol Thorp. "We anticipate that the nearly two-month downward trend may be at an end and prices could begin rising in the next couple of weeks. It's likely that motorists will have steadily increasing prices through Labor Day."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., July 16.

Area

Regular

Change from
last week

Record Price

Los Angeles–Long Beach

$2.217

- 2.4 cents

$2.368 (05/28/2004)

Orange County

$2.201

- 2.0 cents

$2.353 (06/01/2004)

San Diego

$2.218

- 1.6 cents

$2.373 (05/26/2004)

Santa Barbara–Santa Maria– Lompoc

$2.380

- 0.4 cents

$2.489 (05/29/2004)

Riverside–San Bernardino

$2.237

- 1.7 cents

$2.399 (06/01/2004)

Bakersfield

$2.248

- 1.5 cents

$2.383 (06/01/2004)

Las Vegas, NV

$2.067

- 0.9 cents

$2.279 (05/26/2004)

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