Gas Prices Crest and Start Moving Lower

(LOS ANGELES, July 29, 2005) — After five weeks of increases when gasoline prices climbed close to all-time record highs, the price of regular gas has crested and started moving lower in some areas, 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 $2.579, which is unchanged from last week, 13 cents higher than last month and 40 cents higher than last year. In San Diego, the price is $2.610 — four-tenths of a cent below last week, 13 cents above last month and 42 cents above last year. On the Central Coast, the average price is $2.678, down one-tenth of a cent from last week, 14 cents higher than last month and 34 cents higher than last year. In the Inland Empire, the average price is $2.555, down 1.3 cents from last week, 13 cents above last month and 37 cents higher than last year.

"For a good part of the summer, oil and gas markets have been whipsawed, first by fears that there would be oil shortages this winter, then by two hurricanes," said Auto Club spokeswoman Carol Thorp. "However, there is plenty of oil and gas to meet demand that is lower than expected. Motorists can expect to see slowly declining gasoline prices for the next couple of weeks, at least."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., July 29:

Area Regular Change Record Price
Los Angeles–Long Beach $2.579 0.0 cents $2.625 (04/13/2005)
Orange County $2.558 0.0 cents $2.605 (04/21/2005)
San Diego $2.610 -0.4 cents $2.626 (04/12/2005)
Santa Barbara–Santa Maria–Lompoc $2.678 -0.1 cents $2.730 (04/29/2005)
Riverside–San Bernardino $2.555 -1.3 cents $2.649 (04/13/2005)
Bakersfield $2.570 -1.3 cents $2.682 (04/22/2005)
Las Vegas, NV $2.464 -1.7 cents $2.534 (04/14/2005)

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