Gasoline Follows Oil Prices Higher

Weekly Fuel Prices Report

(LOS ANGELES, March 18, 2005) — Gasoline prices in Southern California continued higher last week as the rising cost of crude oil continues to push up local pump prices, 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 $2.353, which is 4.8 cents higher than last week, 19 cents higher than last month and 18 cents higher than last year. In San Diego, the price is $2.339, which is four cents higher than last week, 18 cents above last month and 15 cents above last year. On the Central Coast, the average price is $2.462, up 5.8 cents from last week, 18 cents higher than last month and 21 cents higher than last year. In the Inland Empire, the average price is $2.373, up 4.6 cents from last week, 20 cents above last month and 17 cents above last year.

"The main factor pushing our local gasoline price higher is the record price of crude oil," said Auto Club spokesperson Carol Thorp. "California has sufficient supplies of oil and gas. However, international oil markets are filled with fears of political instability in the Middle East. The threat of a potential oil shortage has caused traders to continue buying, even as prices rise higher and higher."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., March 18.

Area Regular Change Record Price
Los Angeles–Long Beach $2.353 + 4.8 cents $2.446 (10/21/2004)
Orange County $2.348 + 5.2 cents $2.441 (10/23/2004)
San Diego $2.339 + 4.0 cents $2.464 (10/21/2004)
Santa Barbara–Santa Maria–Lompoc $2.462 + 5.8 cents $2.570 (10/22/2004)
Riverside–San Bernardino $2.373 + 4.6 cents $2.461 (10/21/2004)
Bakersfield $2.343 + 3.6 cents $2.437 (10/23/2004)
Las Vegas, NV $2.291 + 6.5 cents $2.291 (03/17/2005)

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