Auto Club: Gas Prices Continue Lower, But is the Downward Trend Nearing an End?

(LOS ANGELES, June 30, 2006) — Gasoline prices inched lower for the seventh straight week, but there are signs that they may be near their low point prior to the July 4th holiday weekend, 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 $3.182 which is 3.3 cents lower than last week, 18 cents lower than last month and 73 cents higher than last year. In San Diego, the price is $3.186, 3.4 cents below last week’s price, 19 cents below last month and 69 cents above last year. On the Central Coast, the average price is $3.357, down 3.3 cents from last week, 12 cents below last month and 80 cents higher than last year. In the Inland Empire, the average price is $3.206, down 2.9 cents from last week, 19 cents below last month and 76 cents higher than last year.

“Demand for gas has been building through June and that’s slowed the downward trend in pump prices,” said Auto Club spokesman Paul Gonzales. “Currently, there are sufficient supplies of oil and gas to meet our needs. But investors are bidding up prices because the margin between supply and demand is very thin. Any interruptions caused by hurricanes, rolling brownouts or pipeline problems could impact prices.”

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., June 30:

Area

###