Auto Club: Freefall in Gasoline Prices Continues

    LOS ANGELES--Nov. 2, 2001--For the seventh consecutive week, the average price of regular self-serve gasoline fell throughout Southern California and Nevada, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California.
    The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.369 per gallon. This is 4.7 cents lower than last Friday and nearly 67 cents below the record high set in May 2001. In San Diego, the price is 4.7 cents lower than last week's level. Motorists in the central coast are enjoying an average that's three cents below last Friday's price.
    "California's crude oil market has closely mirrored the rest of the nation with its falling demand for gasoline," said Auto Club spokesperson Jeffrey Spring.
    "We're seeing a situation where there are fewer opportunities for foreign and domestic oil producers to make money. Their revenue comes from petroleum products so they continue to supply the market even at the lower prices. Stocking an already overstocked market pushes gas prices down even more."

    Average prices as of 12:01 a.m., Nov. 2:

Area                    Regular   Change from last week   Record Price

Los Angeles-Long Beach   $1.369         -4.7 cents        $2.036 (5/25)

San Diego                $1.521         -4.7 cents        $2.025 (5/29)

Santa Barbara-Santa 
 Maria-Lompoc            $1.534         -3.0 cents        $2.069 (5/16)

Las Vegas                $1.361         -2.0 cents     $1.885 (3/27/00)

Phoenix-Mesa, Ariz.      $1.311         -1.3 cents        $1.720 (5/30)