Auto Club: Free Fall of Oil Futures Causes Local Gas Price to Spin Downward

Weekly Fuel Prices Report

(LOS ANGELES, Dec. 10, 2004) — Southern California motorists enjoyed the largest week-to-week decline in gasoline prices in more than a year last week, according to the Automobile Club of Southern California's Weekend Gas Watch. Last week was the seventh consecutive week of lower pump prices in the region. Motorists benefited from crude oil futures that fell from a high of $55 per barrel in October to near $42 per barrel currently.

The average price of self-serve regular gasoline in the Los Angeles–Long Beach area is $2.199 a gallon, which is 5.3 cents lower than last week, 27 cents lower than last month and 50 cents higher than last year. In San Diego, the price is $2.231, which is 5.4 cents lower than last week, 18 cents below last month and 51 cents above last year. On the Central Coast, the average price is $2.328, which is down 6.2 cents from last week, 20 cents lower than last month and 52 cents higher than last year. In the Inland Empire, the average price is $2.219, which is down 6.6 cents from last week, 19 cents below last month and 53 cents above last year.

"Declining crude oil prices are an indicator that there are ample supplies of oil and gasoline to meet our needs," said Auto Club spokesperson Carol Thorp. "We expect the trend of lower gasoline prices to continue for the rest of 2004."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Dec. 10.

Area Regular Change Record Price
Los Angeles–Long Beach $2.199 - 5.3 cents $2.446 (10/21/2004)
Orange County $2.191 - 5.0 cents $2.441 (10/23/2004)
San Diego $2.231 - 5.4 cents $2.464 (10/21/2004)
Santa Barbara–Santa Maria–Lompoc  $2.328 - 6.2 cents $2.570 (10/22/2004)
Riverside–San Bernardino $2.219 - 6.6 cents $2.461 (10/21/2004)
Bakersfield $2.214 - 6.1 cents $2.437 (10/23/2004)
Las Vegas, NV $2.060 - 7.3 cents $2.290 (10/20/2004)

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