London Bombings and Hurricane Dennis are Primary Factors for Gasoline Prices

(LOS ANGELES, July 8, 2005) — Terrorist bombings in London and the movement of Hurricane Dennis through the Caribbean are twin factors putting additional upward pressure on oil and gasoline prices, the results of which may be seen in Southern California as soon as next week, 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 $2.491, which is 2.6 cents higher than last week, 11 cents higher than last month and 25 cents higher than last year. In San Diego, the price is $2.534 — 2.6 cents above last week, 15 cents above last month and 30 cents above last year. On the Central Coast, the average price is $2.602, up 4.7 cents from last week, ten cents higher than last month and 21 cents higher than last year. In the Inland Empire, the average price is $2.480, up 2.6 cents from last week, 12 cents above last month and 23 cents higher than last year.

"Our local conditions point to higher gas prices, but beyond next week, it's impossible to say what will happen," said Auto Club spokeswoman Carol Thorp. "The situation in Europe is uncertain. There is concern that terrorist attacks in London could send crude oil prices higher. However, some analysts warn of wholesale cancellation of vacations to England, leading to lower demand for fuel and falling prices. Against this backdrop, Hurricane Dennis continues moving northwest, threatening the oil refining areas of the U.S. Gulf Coast."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., July 8:

AreaRegularChangeRecord Price
Los Angeles–Long Beach$2.491+ 2.6 cents$2.625 (04/13/2005)
Orange County$2.471+ 1.9 cents$2.605 (04/21/2005)
San Diego$2.534+ 2.6 cents$2.626 (04/12/2005)
Santa Barbara–Santa Maria–Lompoc$2.602+ 4.7 cents$2.730 (04/29/2005)
Riverside–San Bernardino$2.480+ 2.6 cents$2.649 (04/13/2005)
Bakersfield$2.521+ 3.8 cents$2.682 (04/22/2005)
Las Vegas, NV$2.413+ 4.1 cents$2.534 (04/14/2005)

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