Auto Club: Ten Weeks of Lower Gas Prices — Rising Crude Prices May Have an Effect

(LOS ANGELES, August 6, 2004) — Gasoline prices continued lower last week for the tenth straight week, despite crude oil prices that spiked above $44 per barrel, according to the Automobile Club of Southern California's Weekend Gas Watch. Ample supplies of gasoline and flat demand are expected to keep pump prices on the downward trend.

The average price of self-serve regular gasoline in the Los Angeles–Long Beach area is $2.135 a gallon, which is 3.5 cents lower than last week, 12 cents lower than last month and 45 cents higher than last year. In San Diego, the price is $2.158, which is 2.4 cents below last week, 9 cents lower than last month and 46 cents above last year. On the central coast, the average price is $2.297, which down 3.4 cents from last week, 10 cents below last month and 52 cents higher than last year. In the Inland Empire, the average price is $2.147, which is down 3.6 cents from last week, 13 cents lower than last month and 48 cents higher than last year.

"The downward trend in gas prices shows every indication of continuing through Labor Day, which is the traditional end of the summer driving season. Demand for gas is flat compared to last year and there is an ample supply," said Auto Club spokesperson Carol Thorp. "The only factor that may affect the trend is the recent spike in crude oil prices. It may take a week or two to determine if the run up in crude is merely temporary and what, if any, effect it has on gasoline."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., August 6.

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