Auto Club: While Crude Oil Prices Rise Gasoline Prices Fall

(LOS ANGELES, August 13, 2004) — Despite crude oil futures trading near record high levels for the past week, Southern Californians continued to enjoy falling prices at gas pumps for the eleventh straight week, according to the Automobile Club of Southern California's Weekend Gas Watch. The downward trend for gas prices is likely to continue unless crude oil remains at current levels for a prolonged period of time. The price of crude is a traditional bellwether for gasoline.

The average price of self-serve regular gasoline in the Los Angeles– Long Beach area is $2.099 a gallon, which is 3.6 cents lower than last week, 14 cents lower than last month and 40 cents higher than last year. In San Diego, the price is $2.125, which is 3.3 cents below last week, 10 cents lower than last month and 39 cents above last year. On the central coast, the average price is $2.278, which is down 1.9 cents from last week, 11 cents below last month and 49 cents higher than last year. In the Inland Empire, the average price is $2.101, which is down 3.6 cents from last week, 15 cents lower than last month and 48cents higher than last year.

"The record high price of crude oil has had no effect so far on the 11-week downward trend in the price of gasoline," said Auto Club spokesperson Carol Thorp. "Factors affecting gas prices this summer have been ample supply and demand that is almost unchanged from last summer. If the run-up of crude oil continues, we could see gas prices move higher in response."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., August 13.

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