Auto Club: Gasoline Prices Move Higher -- Trend Expected to Be Short-Lived

LOS ANGELES--Sept. 3, 2004--The price of gasoline has turned higher, but the upward movement during the week before the Labor Day holiday is not expected to last long, according to the Automobile Club of Southern California's Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.111 a gallon, which is 4.8 cents higher than last week, 5 cents lower than last month and 2 cents lower than last year. In San Diego, the price is $2.132, which is 3.1 cents above last week, 4 cents below last month and 4 cents lower than last year. On the Central Coast, the average price is $2.294, which is up 5.2 cents from last week, 2 cents below last month and 4 cents lower than last year. In the Inland Empire, the average price is $2.129, which is up 4.4 cents from last week, 4 cents lower than last month and 1 cent lower than last year.

"The price of gasoline on the wholesale market has dropped about 35 cents per gallon since its high in July," said Auto Club spokesperson Carol Thorp. "Lower wholesale prices, combined with weak demand for gas and strong supply, could lead to lower prices at the retail pump within a week."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Sept. 3.

Area                           Regular  Change from    Record Price
                                         last week

Los Angeles-Long Beach          $2.111  +4.8 cents  $2.368 (5/28/2004)

Orange County                   $2.107  +4.0 cents  $2.353 (6/01/2004)

San Diego                       $2.132  +3.1 cents  $2.373 (5/26/2004)

Santa Barbara-Santa Maria-
 Lompoc                         $2.294  +5.2 cents  $2.489 (5/29/2004)

Riverside-San Bernardino        $2.129  +4.4 cents  $2.399 (6/01/2004)

Bakersfield                     $2.139  +3.0 cents  $2.383 (6/01/2004)

Las Vegas                       $2.062  +3.9 cents  $2.279 (5/26/2004)