Auto Club: Motorists Ring in 2002 With Price Near $1/Gallon; Rate of Decline Slows as Industry Tries to Stabilize Prices

    LOS ANGELES--Dec. 28, 2001--For the 15th consecutive week, the average price of a gallon of gasoline declined throughout Southern California, southern Nevada and Arizona according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California.
    The price of gas in the L.A. metro area hovers just above a dollar per gallon. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.014 per gallon, which is 2.7 cents below last week's price. In San Diego the price is $1.206, which is 2.9 cents lower than last week's level. Motorists in the central coast have an average price of $1.141, that is 1.7 cents below last week's price.
    "The rate of decline for gasoline prices is slowing throughout the reporting region. This could indicate that prices might level off near where they are currently," said Auto Club spokesperson Jeff Spring. "Prices are increasing on the wholesale market and fuel sold there is coming from overstocked inventories, not from new production. Within a couple of weeks, as the supply gets more in line with demand, it's likely that we'll see prices begin climbing upward."

Average prices as of 12:01 a.m., Dec. 28:

Area                       Regular      Change from    Record Price
                                         last week

Los Angeles-Long Beach     $1.014       -2.7 cents     $2.036 (5/25)

San Diego                  $1.206       -2.9 cents     $2.025 (5/29)

Santa Barbara-Santa Maria-
Lompoc                     $1.141       -1.7 cents     $2.069 (5/16)

Las Vegas                  $1.109       -2.8 cents     $1.885 (3/27/00)

Phoenix-Mesa, Ariz.        $1.073       -0.9 cents     $1.720 (5/30)