Gas Prices Inch Downward for Second Week as Crude Oil Prices Plummet, Says Auto Club

Weekly Fuel Prices Report

(LOS ANGELES, Jan. 12, 2007) — Crude oil prices careened downward like a rollercoaster in the past week, while Southern California gas prices inched down at a snail's pace, 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 $2.619, which is eight-tenths of one cent lower than last week, 16 cents higher than last month, and 26 cents higher than last year. In San Diego, the price is $2.665, which is 1.4 cents below last week's price, 13 cents above last month, and 24 cents above last year. On the Central Coast, the average price is $2.807, down 3.1 cents from last week, 10 cents above last month, and 30 cents higher than last year. In the Inland Empire, the average price is $2.632, one-tenth of one cent below last week, 14 cents higher than last month, and 24 cents higher than last year.

"Oil industry analysts say that the severe drop in crude oil prices does not have as big an impact on California prices as it does in other states because of our limited sources of refined gasoline," said Auto Club spokesperson Carol Thorp. "California prices for the next month or so will be dictated by whether our state's refineries have adequate supplies of gasoline for motorists before the annual switch-over from the winter blend to the summer blend of gasoline, which is mandated by air-quality requirements."

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

Area Regular One-week change Record price
Los Angeles - Long Beach $2.619 -0.8 cent $3.402 (5/13/2006)
Orange County $2.573 -0.3 cent $3.371 (5/17/2006)
San Diego $2.665 -1.4 cents $3.438 (5/15/2006)

Santa Barbara - Santa Maria - Lompoc

$2.807 -3.1 cents $3.491 (5/16/2006)

Riverside - San Bernardino

$2.632 -0.1 cents $3.445 (5/15/2006)

Bakersfield

$2.630 +0.5 cent $3.450 (5/16/2006)

Las Vegas, NV

$2.552 No Change $3.176 (5/17/2006)

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