LA Auto Club: Steep Gas Price Declines Signal More Reductions in Coming Weeks

    LOS ANGELES--May 9, 2003--A combination of continuing falling wholesale prices and healthy dealer profits combined to send gasoline prices lower last week for the seventh consecutive week, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California.
    Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.937 per gallon, which is 4 cents lower than last week's price, 21 cents lower than last month and 33 cents higher than last year.
    In San Diego the price is $1.929, which is 5.8 cents below last week's level, 25 cents below last month and 28 cents above last year. Motorists in the central coast have an average price of $2.020, which is 2.6 cents lower than last week's price, 15 cents lower than last month and 34 cents higher than last year.
    "The situation has been looking better for motorists for nearly two months and prices should continue their downward trend into the Memorial Day holiday period," said Carol Thorp, spokesperson for the Automobile Club of Southern California. "Gasoline retailers have enjoyed healthy profits so they feel more comfortable lowering prices in order to compete for customers."
    The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., May 9:

Area                         Regular    Change from    Record Price
                                         last week

Los Angeles-Long Beach       $1.937     -4.0 cents    $2.167 (3/22/03)

San Diego                    $1.929     -5.8 cents    $2.211 (3/20/03)

Santa Barbara-Santa Maria-
Lompoc                       $2.020     -2.6 cents    $2.207 (3/22/03)

Las Vegas                    $1.849     -4.8 cents    $2.063 (3/25/03)

Phoenix-Mesa, Ariz.          $1.822     -4.6 cents    $2.003 (3/22/03)