LA Auto Club: Gasoline Prices in Ninth Week of Decline

LOS ANGELES--Oct. 31, 2003--Gasoline prices declined throughout the Southwest for the ninth consecutive week. Continued ample gasoline supply and stable demand are still the major factors determining prices at the pump, according to the Automobile Club of Southern California's Weekend Gas Watch.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.760 per gallon, which is 3.2 cents lower than last week, 20 cents lower than last month and 25 cents higher than last year. In San Diego, the price is $1.753, which is 2.5 cents below last week's level, 21 cents below last month and 16 cents higher than last year. Motorists in the central coast pay an average price of $1.855, which is 2.6 cents lower than last week's price, 19 cents below last month and 25 cents higher than last year.

"While prices have continued to decline, we've seen the rate of decline slow down," said Carol Thorp, Auto Club spokesperson. "There is plenty of gasoline to meet current demand, but we believe prices may be leveling off soon."

The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., Oct. 31, 2003:

Area                        Regular      Change from   Record Price
                                         last week

Los Angeles-Long Beach      $1.760       -3.2 cents    $2.167(3/22/03)

San Diego                   $1.753       -2.5 cents    $2.211(3/20/03)

Santa Barbara-Santa Maria-
Lompoc                      $1.855       -2.6 cents    $2.233(8/27/03)

Las Vegas, NV               $1.679       -1.6 cents    $2.063(3/25/03)

Phoenix, AZ                 $1.630       -3.6 cents    $2.146(8/26/03)