Auto Club: Bad Economic News Forces Down Gas Prices

(LOS ANGELES, July 9, 2009) Economic doldrums continue to provide a silver lining to Southland drivers for the third straight week with cheaper prices at the pump, 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 $2.932 per gallon, which is 4.5 cents less than last week, two cents higher than last month, and $1.64 less than last year. In San Diego, the price is $2.921, which is six cents less than last week’s price, one cent below last month, and $1.62 lower than last year. On the Central Coast, the average price is $3.022, down 2.2 cents from last week, eight cents above last month, and $1.60 below last year. In the Inland Empire, the average per gallon price is $2.926, which is 4.2 cents less than last week, two cents more than last month, and $1.61 less than last year.

“Oil industry analysts tell us that crude oil prices and wholesale gasoline futures had moved up to unsustainable levels given the flat driving demand in California and the U.S.,” said Auto Club spokesperson Jeffrey Spring. “We’ve seen these commodity prices decline sharply in the last couple of weeks and hopefully that signals a continued downward trend at the gas pump.”

The Weekend Gas Watch monitors the average price of gasoline. As of 2 p.m. on July 9, averages are:
 

Area                   

 Regular

One-week

change

 

Record Price

 

Los AngelesLong Beach

$2.932

    -4.5 cents

 $4.626 (6/21/08)

 

 

 

 

Orange County

$2.919

    -4.7 cents

 $4.598 (6/19/08)

 

 

 

 

San Diego

$2.921

    -6.0 cents

 $4.630 (6/19/08)

 

 

 

 

Santa Barbara – Santa Maria – Lompoc

$3.022

    -2.2 cents

 $4.709 (6/21/08)

 

 

 

 

RiversideSan  Bernardino

$2.926

     -4.2 cents

 $4.614 (6/22/08)

 

 

 

 

Bakersfield

$3.022

     -1.7 cents

 $4.591 (6/24/08)

 

 

 

 

Ventura

$2.936

     -5.3 cents

 $4.625 (6/18/08)