LA Auto Club: Slow Downward Trend in Gasoline Prices Continue

LOS ANGELES--April 30, 2004--The average price of gasoline declined throughout much of Southern California last week for the second straight week. But the downward trend is so shallow that there appears to be little hope prices will dip below $2/gallon before the beginning of the summer driving season, according to the Automobile Club of Southern California's Weekend Gas Watch. The national average for gasoline is $1.812, four-tenths of a cent higher than last week and a new record high.

Currently, the average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.173, which is 2.5 cents lower than last week. Today's price is 4 cents higher than last month and 19 cents higher than last year. In San Diego, the price is $2.177, which is 2.6 cents below last week, 3 cents higher than last month and 18 cents above last year. Motorists in the Central Coast pay an average price of $2.299, which is four-tenths of a cent higher than last week, 7 cents above last month and 24 cents higher than last year.

"Inventories of gasoline in California have been building for a few weeks, but statewide demand is what we would expect to see during summer months," said Auto Club spokesperson Carol Thorp. "As long as Californians consume gas at these levels, it's less likely that we'll have price reductions any larger than 2-3 cents per week leading up to Memorial Day."

The Weekend Gas Watch monitors the average price of gasoline at metropolitan destinations throughout the nation. Average prices as of 12:01 a.m., April 30:

Area                Regular  Change from last week    Record Price

Los Angeles-Long
 Beach               $2.173       -2.5 cents       $2.233 (4/10/2004)

San Diego            $2.177       -2.6 cents       $2.240 (4/9/2004)

Santa Barbara-Santa
 Maria-Lompoc        $2.299       +0.4 cents       $2.317 (4/10/2004)

The national average price of gasoline rose four-tenths of a cent last week. The price of $1.812 is a new record high. Demand has reached levels normally expected in July and August. This could lead to higher retail prices over the next few weeks.

Area                   Regular   Change from last     Record Price
                                       week

National Average        $1.812     +0.4 cents      $1.812 (4/29/2004)

New York                $1.964     +1.0 cents      $1.968 (9/6/2003)

Washington              $1.840     +0.8 cents      $1.841 (4/21/2004)

Boston                  $1.765     +1.1 cents      $1.812 (9/3/2003)

Philadelphia            $1.789     +1.8 cents      $1.807 (9/3/2003)

Atlanta                 $1.683     -0.8 cents      $1.693 (4/21/2004)

Miami                   $1.844     -0.2 cents      $1.848 (4/28/2004)

Chicago                 $1.922     -1.1 cents      $2.142 (6/19/2000)

Detroit                 $1.814     +2.0 cents      $2.137 (6/20/2000)

Kansas City, Mo.        $1.675     -3.1 cents      $1.790 (6/21/2000)

St. Louis               $1.764     +3.5 cents      $1.767 (5/17/2001)

Denver                  $1.807     -2.1 cents      $1.832 (4/20/2004)

Dallas                  $1.697     -1.0 cents      $1.707 (4/22/2004)

Houston                 $1.672     -0.7 cents      $1.679 (4/22/2004)

Salt Lake City          $1.899     +1.9 cents      $1.899 (4/29/2004)

Las Vegas               $2.124     -1.3 cents      $2.138 (4/24/2004)

Phoenix                 $2.013     -1.0 cents      $2.146 (8/26/2003)

Seattle                 $2.038     +3.4 cents      $2.038 (4/29/2004)

San Francisco           $2.234     -1.8 cents      $2.294 (4/10/2004)

Honolulu                $2.072     +0.1 cents      $2.080 (4/23/2004)