LA Auto Club: Gas Prices Decline for Second Week

LOS ANGELES--Nov. 5, 2004--Gasoline prices dipped slightly last week, for the second consecutive week, as the price of crude oil continued falling back from record-high levels set in October, 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 $2.405 a gallon, which is 2.8 cents lower than last week, 23 cents higher than last month and 67 cents above last year. In San Diego, the price is $2.431, which is 2 cents lower than last week, 22 cents above last month and 69 cents higher than last year. On the Central Coast, the average price is $2.537, which is down 1.1 cents from last week, 21 cents higher than last month and 70 cents higher than last year. In the Inland Empire, the average price is $2.433, which is down 1.8 cents from last week, 23 cents above last month and 72 cents above last year.

"Speculation has been moderating on oil futures markets and that has resulted in prices falling back from record highs last month," said Auto Club spokesperson Carol Thorp. "Lower crude futures have resulted in declining gas prices for the past two weeks. Unless crude prices rise again, we should see a trend of lower gas prices for several weeks."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Nov. 5, 2004.

Area                           Regular Change from    Record Price
                                        last week

Los Angeles-Long Beach         $2.405  -2.8 cents  $2.446 (10/21/2004)

Orange County                  $2.397  -2.7 cents  $2.441 (10/23/2004)

San Diego                      $2.431  -2.0 cents  $2.464 (10/21/2004)

Santa Barbara-Santa Maria-
 Lompoc                        $2.537  -1.1 cents  $2.570 (10/22/2004)

Riverside-San Bernardino       $2.433  -1.8 cents  $2.461 (10/21/2004)

Bakersfield                    $2.407  -1.7 cents  $2.437 (10/23/2004)

Las Vegas                      $2.264  -2.1 cents  $2.290 (10/20/2004)