Prospect Rosy for Lower New Year's Gas Prices

LOS ANGELES--Dec. 27, 2002--As Southern California looks to 2003, gasoline prices continued their downward slide for the sixth consecutive 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 $1.526 per gallon, which is six-tenths of a cent lower than last week's price, five cents lower than last month and 51 cents higher than last year.

In San Diego the price is $1.592, which is eight-tenths of a cent lower than last week's level, six cents lower than last month and 38 cents higher than last year. Motorists in the central coast have an average price of $1.599, which is six-tenths of a cent below last week's price, four cents lower than last month and 47 cents higher than last year.

"This year saw gasoline prices start from under a dollar a gallon on New Year's Day 2002, and then rise to a high of about $1.65 per gallon during the peak summer driving season," said Carol Thorp, Auto Club spokesperson. "For the last six weeks, gas prices have gradually declined because of weak demand and ample supply. That trend should continue through the first week of 2003."

Average prices as of 12:01 a.m., Dec. 27:

Area                     Regular   Change from last week Record Price

Los Angeles-Long Beach    $1.526     -0.6 cents       $2.036 (5/25/01)

San Diego                 $1.592     -0.8 cents       $2.025 (5/29/01)

Santa Barbara-Santa Maria-
Lompoc                    $1.599     -1.2 cents       $2.069 (5/16/01)

Las Vegas                 $1.389     -0.6 cents       $1.885 (3/27/00)

Phoenix-Mesa, Ariz.       $1.321     -0.7 cents       $1.720 (5/30/01)