Gas Prices Reverse Course After Dollar-Plus Spike

A dramatic drop in wholesale gasoline prices caused by an apparent correction of fuel supply problems has finally ended Southern California’s first gas price spike of 2015, according to the Automobile Club of Southern California's Weekend Gas Watch. The retail state average is $3.414 a gallon for regular today, 2.6 cents less than last week.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.483 per gallon, which is 5.4 cents less than last week, 71 cents more than last month, and 52 cents lower than last year. In San Diego, the average price is $3.454, which is 4.7 cents less than last week, 72 cents higher than last month, and 51 cents lower than last year. On the Central Coast, the average price is $3.479, 1.6 cents less than last week, 73 cents higher than a month ago, and 52 cents less than last year. In the Inland Empire, the average per-gallon price is $3.452, down 3 cents from last week, 73 cents more than last month, and 51 cents less than last year.

“Los Angeles wholesale gasoline prices have dropped by 55 cents since their highest point of 2015 reached on Feb. 25,” said Auto Club spokesman Jeffrey Spring. “Based on current wholesale price levels, at least some Southern California gas stations could drop prices back below $3 a gallon provided those levels are maintained. We encourage motorists to aggressively shop around and patronize the lowest-priced stations near them to encourage competition. As of today, there are already some Southland gas stations charging less than $3.20 a gallon.”

The Weekend Gas Watch monitors the average price of gasoline. As of 9 a.m. on March 12, averages are: