Auto Club: Gas Prices Retreat from Record Highs

LOS ANGELES--Oct. 29, 2004--The price of gasoline dipped slightly last week, giving motorists a hint that the remainder of 2004 could feature steadily declining prices, 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 $2.433 a gallon, which is 1.3 cents lower than last week, 35 cents higher than last month and 67 cents above last year. In San Diego, the price is $2.451, which is 1.3 cents lower than last week, 33 cents above last month and 70 cents higher than last year. On the Central Coast, the average price is $2.548, which is down 1.9 cents from last week, 30 cents higher than last month and 69 cents higher than last year. In the Inland Empire, the average price is $2.451, which is down 1 cent from last week, 34 cents above last month and 72 cents above last year.

"Crude oil futures have backed off their highs of last week and that's leading gasoline prices lower," said Auto Club spokesperson Carol Thorp. "If the trend for lower crude futures holds, pump prices should continue a slow but steady decline for several weeks."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Oct. 29, 2004.

Area                         Regular  Change from     Record Price
                                       last week

Los Angeles-Long Beach        $2.433   -1.3 cents  $2.446 (10/21/2004)

Orange County                 $2.424   -1.5 cents  $2.441 (10/23/2004)

San Diego                     $2.451   -1.3 cents  $2.464 (10/21/2004)

Santa Barbara-Santa Maria-
 Lompoc                       $2.548   -1.9 cents  $2.570 (10/22/2004)

Riverside-San Bernardino      $2.451   -1.0 cents  $2.461 (10/21/2004)

Bakersfield                   $2.424   -1.0 cents  $2.437 (10/23/2004)

Las Vegas                     $2.285   -0.4 cents  $2.290 (10/20/2004)