Gas Prices Reverse Course, Drop Quickly



(LOS ANGELES, Jan. 18, 2008) – The Southland gas price climb that started after Christmas has ended, with prices plunging by a penny a day or more in most 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 $3.266, which is 6.7 cents lower than last week, half a cent more than last month, and 69 cents above last year. In San Diego, the price is $3.271, which is 8.2 cents less than last week’s price, 2 cents below last month, and 67 cents higher than last year. On the Central Coast, the average price is $3.379, down 6.7 cents from last week, half a cent higher than last month, and 60 cents more than last year. In the Inland Empire, the average price is $3.252, 6.8 cents below last week, up six-tenths of a cent from last month, and 66 cents higher than last year.

“Wholesale gasoline prices have dropped on news of ample supplies, not just in California but around the country,” said Auto Club spokesperson Jeffrey Spring. “An additional factor behind dropping prices in California may be the fact that the state switches fuel blends in February to comply with air quality requirements, and refineries need to sell off their inventory of ‘winter blend’ fuel in the next month.”
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Jan. 18:
 

Area                   

 Regular

One-week

change

 

Record Price  

Los AngelesLong Beach

$3.266

    - 6.7 cents

 $3.487 (5/9/2007)

 

 

 

 

Orange County

$3.196

    - 9.5 cents

 $3.479 (5/8/2007)

 

 

 

 

San Diego

$3.271

    - 8.2 cents

 $3.503 (5/8/2007)

 

 

 

 

Santa BarbaraSanta MariaLompoc

$3.379

    - 6.7 cents

 $3.614 (5/15/2007)

 

 

 

 

RiversideSan  Bernardino

$3.252

    - 6.8 cents

 $3.486 (5/8/2007)

 

 

 

 

Bakersfield

$3.230

    - 7.4 cents

 $3.489 (5/7/2007)

 

 

 

 

Las Vegas, NV

$3.058

    - 4.9 cents

 $3.209 (5/29/2007)