LA Auto Club: Local Gas Prices Jump on Uncertainty Caused by Hurricanes; Clouds May Have Silver Lining

LOS ANGELES--July 15, 2005--Oil and gasoline traders sent prices higher this week on fears that interruptions in gas production caused by Hurricane Dennis will be repeated by Hurricane Emily, according to the Automobile Club of Southern California's Weekend Gas Watch. But forecasters now say Emily's path may miss the U.S. Gulf Coast.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.571, which is 8 cents higher than last week, 22 cents higher than last month and 35 cents higher than last year. In San Diego, the price is $2.606 -- 7.2 cents above last week, 24 cents above last month and 39 cents above last year. On the Central Coast, the average price is $2.668, up 6.6 cents from last week, 18 cents higher than last month and 29 cents higher than last year. In the Inland Empire, the average price is $2.556, up 7.6 cents from last week, 21 cents above last month and 32 cents higher than last year.

"The upward trend likely will persist another week, but there are signs that our prices could be near a plateau," said Auto Club spokeswoman Carol Thorp. "Stability is starting to return to oil and gasoline markets, which is sending wholesale prices lower. Usually it takes a couple of weeks to see any relief at the local gas pump."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., July 15:

Area                           Regular  Change from   Record Price
                                         last week

Los Angeles-Long Beach          $2.571  +8.0 cents  $2.625 (4/13/2005)

Orange County                   $2.546  +7.5 cents  $2.605 (4/21/2005)

San Diego                       $2.606  +7.2 cents  $2.626 (4/12/2005)

Santa Barbara-Santa Maria-
 Lompoc                         $2.668  +6.6 cents  $2.730 (4/29/2005)

Riverside-San Bernardino        $2.556  +7.6 cents  $2.649 (4/13/2005)

Bakersfield                     $2.582  +6.1 cents  $2.682 (4/22/2005)

Las Vegas                       $2.462  +4.9 cents  $2.534 (4/14/2005)