LA Auto Club: Gasoline Prices and Crude Oil Futures Continue Going in Opposite Directions

LOS ANGELES--Aug. 20, 2004--For the 12th consecutive week gasoline prices declined in California while crude oil futures traded at record highs, according to the Automobile Club of Southern California's Weekend Gas Watch. The summer-long downward trend for gas prices has continued on lower than expected demand and steady supplies.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.060 a gallon, which is 3.9 cents lower than last week, 15 cents lower than last month and 15 cents higher than last year. In San Diego, the price is $2.093, which is 3.2 cents below last week, 12 cents lower than last month and 14 cents above last year. On the Central Coast, the average price is $2.257, which is down 2.1 cents from last week, 11 cents below last month and 24 cents higher than last year. In the Inland Empire, the average price is $2.070, which is down 3.1 cents from last week, 16 cents lower than last month and 16 cents higher than last year.

"With crude oil futures trading near $49 per barrel, refinery profits have been cut, but lower than expected demand for gasoline this summer has been the major factor in pushing pump prices lower," said Auto Club spokesperson Carol Thorp. "Even though the average for regular is still above $2 per gallon, gasoline can be found near $1.90 in some parts of L.A. and Orange counties."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Aug. 20, 2004.

Area                       Regular  Change from      Record Price
                                     last week

Los Angeles-Long Beach     $2.060    -3.9 cents     $2.368 (5/28/2004)

Orange County              $2.062    -2.9 cents     $2.353 (6/01/2004)

San Diego                  $2.093    -3.2 cents     $2.373 (5/26/2004)

Santa Barbara-Santa
 Maria-Lompoc              $2.257    -2.1 cents     $2.489 (5/29/2004)

Riverside-San Bernardino   $2.070    -3.1 cents     $2.399 (6/01/2004)

Bakersfield                $2.109    -1.3 cents     $2.383 (6/01/2004)

Las Vegas                  $1.977    +0.2 cents     $2.279 (5/26/2004)