LA Auto Club: Gas Prices Continue Rising as Oil Markets Heat Up

LOS ANGELES--April 1, 2005--Gasoline prices continued their upward arc as they reached or neared all-time record highs across the region, according to the Automobile Club of Southern California's Weekend Gas Watch. Riverside/San Bernardino, Bakersfield and Las Vegas recorded new record high prices. Projections of new spikes in crude oil sent petroleum higher, possibly ending hopes that gas prices would fall soon.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.435, which is 5.3 cents higher than last week, 23 cents higher than last month and 36 cents higher than last year. In San Diego, the price is $2.428, which is 5.6 cents higher than last week, 21 cents above last month and 29 cents above last year. On the Central Coast, the average price is $2.537, up 3.8 cents from last week, 21 cents higher than last month and 32 cents higher than last year. In the Inland Empire, the average price is a new record high of $2.461, up 3.2 cents from last week, 24 cents above last month and 29 cents above last year.

"One analyst indicated that oil could climb above the record price of $57 per barrel soon, and that sent crude futures higher," said Auto Club spokesman Paul Gonzales. "There are ample supplies of oil and gas to meet our needs. The factor holding up local gas prices has been the high cost of crude oil. Unless crude falls, local gas prices will continue rising."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., April 1:

Area                         Regular   Change from     Record Price
                                        last week

Los Angeles-Long Beach        $2.435   +5.3 cents  $2.446 (10/21/2004)

Orange County                 $2.428   +5.3 cents  $2.441 (10/23/2004)

San Diego                     $2.428   +5.6 cents  $2.464 (10/21/2004)

Santa Barbara-Santa Maria-
 Lompoc                       $2.537   +3.8 cents  $2.570 (10/22/2004)

Riverside-San Bernardino      $2.461   +3.2 cents   $2.461 (3/31/2005)

Bakersfield                   $2.469   +8.5 cents   $2.469 (3/31/2005)

Las Vegas                     $2.380   +6.4 cents   $2.380 (3/31/2005)