Gas Prices Continue to Float Downward

(LOS ANGELES, June 1, 2007) — For the third consecutive week, gas prices edged downward in most Southern California communities, 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 $3.384, which is 3.9 cents cheaper than last week, the same as last month, and 2.5 cents above last year. In San Diego, the price is $3.388, which is 3.4 cents below last week's price, 7 tenths of a cent under last month, and 2 cents higher than last year. On the Central Coast, the average price is $3.559, down 1.7 cents from last week, 7 cents above last month, and 8 cents higher than last year. In the Inland Empire, the average price is $3.379, 3.9 cents below last week, 5 tenths of a cent under than last month, and 3 tenths of a cent cheaper than last year.

"Gasoline prices are 5-10 cents below record prices set in early May," said Auto Club spokesperson Carol Thorp. "Refinery production and gasoline inventories are up and that is putting downward pressure on pump prices, although it seems that prices go down much slower than they went up."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., June 1:

Area RegularOne-week change Record price
Los Angeles – Long Beach $3.384- 3.9 cents $3.487 (5/9/2007)
Orange County $3.365- 4.0 cents $3.479 (5/8/2007)
San Diego $3.388- 3.4 cents $3.503 (5/8/2007)
Santa Barbara - Santa Maria - Lompoc $3.559- 1.7 cents $3.614 (5/15/2007)
Riverside - San Bernardino $3.379- 3.9 cents $3.486 (5/8/2007)
Bakersfield$3.392- 3.2 cents $3.489 (5/7/2007)
Las Vegas, NV $3.201+ .02 cents $3.209 (5/29/2007)