Auto Club: Gasoline Prices Decline for Eleventh Consecutive Week

LOS ANGELES--Nov. 14, 2003--Gasoline prices at the pump were lower last week for the eleventh straight week. But conditions indicate that prices may be close to a level that could remain stable through the remainder of 2003, 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 $1.710 per gallon, which is 2.1 cents lower than last week, 16 cents lower than last month and 11 cents higher than last year. In San Diego, the price is $1.726, which is eight-tenths of a cent below last week's level, 13 cents below last month and 5 cents higher than last year. Motorists in the central coast pay an average price of $1.823, which is 1.6 cents lower than last week's price, 13 cents below last month and 17 cents higher than last year.

"Demand for gasoline remains fairly constant throughout the Southwest and dealer profit has been trimmed to about 13 cents per gallon, which is the margin dealers normally see," said Carol Thorp, Auto Club spokesperson. "Gas prices could dip a few more cents in the next week or so, then stay relatively stable through the rest of the year."

The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., Nov. 14, 2003:

Area                   Regular        Change from          Record
                                       last week           Price

Los Angeles-Long Beach  $1.710        -2.1 cents      $2.167 (3/22/03)

San Diego               $1.726        -0.8 cents      $2.211 (3/20/03)

Santa Barbara-Santa
 Maria-Lompoc           $1.823        -1.6 cents      $2.233 (8/27/03)

Las Vegas               $1.658        -1.8 cents      $2.063 (3/25/03)

Phoenix                 $1.575        -2.9 cents      $2.146 (8/26/03)