Auto Club: Average Price Breaks Through Buck-a-Gallon Barrier; Prices May Be Bottoming Out

    LOS ANGELES--Jan. 4, 2002--The price of gasoline declined throughout Southern California, southern Nevada and Arizona for the 16th consecutive week, bringing the average price to below a dollar-per-gallon, 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 $0.992 per gallon, which is 2.2 cents below last week's price. In San Diego the price is $1.202, which is four-tenths of a cent lower than last week's level. Motorists in the central coast have an average price of $1.120, that is 2.1 cents below last week's price.
    "For the past four months pump prices have been tumbling downward, trying to find the level where price would meet the ever-declining demand," Auto Club spokesperson Jeff Spring said. "We may have reached that point because prices in most of the region have leveled out and, in some instances, have begun to rise."

Average prices as of 12:01 a.m., Jan. 4:

Area                       Regular      Change from    Record Price
                                         last week

Los Angeles-Long Beach     $0.992       -2.2 cents     $2.036 (5/25)

San Diego                  $1.202       -0.4 cents     $2.025 (5/29)

Santa Barbara-Santa Maria-
Lompoc                     $1.120       -2.1 cents     $2.069 (5/16)

Las Vegas                  $1.099       -0.1 cents     $1.885 (3/27/00)

Phoenix-Mesa, Ariz.        $1.059       -1.4 cents     $1.720 (5/30)