Auto Club: Gas Prices Tick Slightly Upward

(LOS ANGELES, May 7, 2009) After barely budging in April, Southern California gas prices were on pace to do the same over the past week until a sizable one-day jump from Wednesday to Thursday, 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 $2.366 per gallon, which is 2.7 cents more than last week, a nickel higher than last month, and $1.53 less than last year. In San Diego, the price is $2.39, which is 3.9 cents more than last week’s price, five cents above last month, and $1.54 lower than last year. On the Central Coast, the average price is $2.48, up 3.6 cents from last week, nine cents above last month, and $1.54 below last year. In the Inland Empire, the average per gallon price is $2.361, which is 3.7 cents more than last week, six cents more than last month, and $1.54 less than last year.

“Oil industry analysts say a sizable jump in wholesale prices in recent days is behind a sharp price increase that has taken place around the country and is just now reaching California,” said Auto Club spokesperson Jeffrey Spring. “Analysts say that investors believe an economic recovery could spur a surge in gasoline demand later this summer, but the fundamental equation of low demand and high supply is unchanged at the moment.”

The Weekend Gas Watch monitors the average price of gasoline as of 1 p.m. on May 7.
 
Area

Regular

One-week
change


Record Price

Los Angeles –
Long Beach

$2.366

+2.7 cents

$4.626 (6/21/08)


Orange County

$2.357

+3.1 cents

$4.598 (6/19/08)


San Diego

$2.390

+3.9 cents

$4.630 (6/19/08)


Santa Barbara –
Santa Maria –
Lompoc

$2.480

+3.6 cents

$4.709 (6/21/08)


Riverside –
San Bernardino

$2.361

+3.7 cents

$4.614 (6/22/08)


Bakersfield

$2.452

+3.2 cents

$4.591 (6/24/08)


Ventura

$2.395

+3.7 cents

$4.625 (6/18/08)