LA Auto Club: Gas Prices Continue Downward Slide

LOS ANGELES--Oct. 18, 2002--For the sixth consecutive week, gasoline prices in Southern California, southern Nevada and Arizona declined last week, according to the Weekend Gas Watch compiled by the Automobile Club of Southern California.

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 $1.545 per gallon, which is 1.8 cents lower than last week's price, 8 cents lower than last month and 7 cents higher than last year.

In San Diego the price is $1.615 which is 1.4 cents lower than last week's level, 5 cents below last month and 1 cent lower than last year. Motorists in the central coast have an average price of $1.623, which is three-tenths of a cent below last week's price, 8 cents lower than last month and 1 cent lower than last year.

"Southern California has had an abundant supply of refined gasoline since the latter part of summer driving season. That along with the seasonal decline in demand for gas has pushed down prices at the pump," Auto Club spokesperson Carol Thorp said.

"While uncertainties in the Middle East continue to be a factor in world crude oil prices, they have been less of a factor here than simple supply and demand."

Average prices as of 12:01 a.m., Oct. 18:

Area                        Regular    Change from    Record Price
                                        last week

Los Angeles-Long Beach      $1.545      -1.8 cents    $2.036 (5/25/01)

San Diego                   $1.615      -1.4 cents    $2.025 (5/29/01)

Santa Barbara-Santa Maria-
Lompoc                      $1.623      -0.3 cents    $2.069 (5/16/01)

Las Vegas                   $1.451      -0.7 cents    $1.885 (3/27/00)

Phoenix-Mesa, Ariz.         $1.380      -0.3 cents    $1.720 (5/30/01)