Auto Club: Gas Prices Rocket...Downward

(LOS ANGELES, Aug. 1, 2008) - Gas prices dropped like a rock in the last week, setting a new one-week record for price reductions in most of the Southland, 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 $4.279 per gallon, which is 13.1 cents less than last week, 32 cents lower than last month, and $1.25 above last year. In San Diego, the price is $4.216, which is 14.9 cents under last week's price, 37 cents below last month, and $1.16 higher than last year. On the Central Coast, the average price is $4.382, down 12.4 cents from last week, 28 cents below last month, and $1.14 more than last year. In the Inland Empire, the average per gallon price is $4.259, 12.2 cents under last week, down 33 cents from last month, and $1.25 higher than last year.

 

"We've experienced several weeks in Southern California where gas prices shot up by two cents a day, but this is the only time we know of when they've plunged by about two cents daily for a week in a row," said Auto Club spokesperson Jeffrey Spring. "Lower demand and consumers shopping around for the best gas prices have helped play a role. But even with these sharp decreases, drivers are still paying over a dollar per gallon more than at this time last year."

 

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

 

 

Area	Regular	One-week change	Record Price
Los Angeles – Long Beach	$4.279	- 13.1 cents	$4.626 (6/21/08)
Orange County	$4.233	- 12.5 cents	$4.598 (6/19/08)
San Diego	$4.216	- 14.9 cents	$4.630 (6/19/08)
Santa Barbara – Santa Maria – Lompoc	$4.382	- 12.4 cents	$4.709 (6/21/08)
Riverside – San  Bernardino	$4.259	- 12.2 cents	$4.614 (6/22/08)
Bakersfield	$4.327	- 10.6 cents	$4.591 (6/24/08)
Las Vegas, NV	$3.970	- 14.8 cents	$4.279 (6/21/08)