Gas Prices Surge to New Record Highs Says LA Auto Club
LOS ANGELES--Aug. 19, 2005--Gasoline prices set new records every day this week as a surge in summertime demand continued sending pump prices higher, 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 $2.792, which is 9.9 cents higher than last week, 21 cents higher than last month and 73 cents higher than last year. In San Diego, the price is $2.815 - 8 cents above last week's price, 20 cents above last month and 72 cents above last year. On the Central Coast, the average price is $2.871, up 10.8 cents from last week, 19 cents higher than last month and 62 cents higher than last year. In the Inland Empire, the average price is $2.776, up 9.5 cents from last week, 20 cents above last month and 70 cents higher than last year.
"Crude oil futures and wholesale gasoline prices have shown some softness in the past couple of days, indicating that the worst of the gasoline price spikes may be near an end," Auto Club spokeswoman Carol Thorp said. "We are only two weeks from the Labor Day holiday weekend, which is traditionally the end of the summer driving season. When demand for gas declines, pump prices generally go down also."
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Aug. 19, 2005:
Area Regular Change from Record Price
last week
Los Angeles-Long Beach $2.792 +9.9 cents $2.792 (8/18/2005)
Orange County $2.779 +10.6 cents $2.779 (8/18/2005)
San Diego $2.815 +8.0 cents $2.815 (8/18/2005)
Santa Barbara-Santa Maria-
Lompoc $2.871 +10.8 cents $2.871 (8/18/2005)
Riverside-San Bernardino $2.776 +9.5 cents $2.776 (8/18/2005)
Bakersfield $2.778 +7.0 cents $2.778 (8/18/2005)
Las Vegas $2.637 +7.2 cents $2.637 (8/18/2005)
