Auto Club Reports Gas Prices Move Lower Going Into Independence Day

    LOS ANGELES--June 29, 2001--The downward trend in the average price of self-serve regular gasoline continued for the fifth straight week, according to the Weekend Gas Watch compiled by the Automobile Club of Southern California.
    The lower prices come as millions of motorists prepare to hit the road prior to the Fourth of July holiday.
    Prices fell by 2.7 cents per gallon in the Los Angeles-Long Beach reporting area. The decline was 1.4 cents in San Diego and 2.1 cents in the Central Coast areas. Las Vegas motorists saw a drop in prices of 3.2 cents, while the Phoenix-Mesa, Ariz., area saw a decline of 1.3 cents.
    Since May 25, when the record of $2.036 was set in the Los Angeles-Long Beach area, the average price of self-serve regular has dropped 9.5 cents per gallon. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    "Motorists may be expressing relief over slowly declining prices over the past five weeks, but gas prices are still 33 cents per gallon higher than their average price during the same time last year," said Jeffrey Spring, spokesman for the Auto Club.
    "While conditions are different from last year, inventories are burgeoning and wholesale prices have fallen. That would indicate that pump prices should be lower than they are now."

Average prices as of 12:01 a.m. June 29.

Area                    Regular   Change from last week   Record Price

Los Angeles-Long Beach   $1.941        -2.7 cents     $2.036 (set 5/25)

San Diego                $1.973        -1.4 cents     $2.025 (5/29)

Santa Barbara-Santa 
 Maria-Lompoc            $1.976        -2.1 cents     $2.069 (5/16)

Las Vegas                $1.697        -3.2 cents     $1.885 (3/27/00)

Phoenix-Mesa             $1.637        -1.3 cents     $1.720 (5/30)