LA Auto Club: Gasoline Prices Continue Downward Slide

LOS ANGELES--Oct. 3, 2003--For the fifth consecutive week, gasoline prices declined throughout the Southwest, bringing the average price below $2 per gallon in the Los Angeles and San Diego regions for the first time since Aug. 22, according to the Automobile Club of Southern California's Weekend Gas Watch.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.945 per gallon, which is 5.5 cents lower than last week, 18 cents lower than last month and 36 cents higher than last year. In San Diego, the price is $1.936, which is 8.3 cents below last week's level, 24 cents below last month and 30 cents higher than last year. Motorists in the central coast pay an average price of $2.033, which is 7.6 cents lower than last week's price, 20 cents below last month and 37 cents higher than last year.

"The downward trend in gas prices should continue for at least the next couple of months," said Carol Thorp, Auto Club spokesperson. "Even though the price of crude oil has been rising recently, the California gasoline market is experiencing ample supply, lower demand and increasing dealer competition. All of these factors will put heavy pressure on retailers to continue lowering prices."

The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., Oct. 3, 2003:

Area                    Regular     Change from         Record Price 
                                    last week
           
Los Angeles-Long Beach  $1.945      -5.5 cents        $2.167 (3/22/03)

San Diego               $1.936      -8.3 cents        $2.211 (3/20/03)

Santa Barbara-Santa 
Maria-Lompoc            $2.033      -7.6 cents        $2.233 (8/27/03)

Las Vegas               $1.770      -4.8 cents        $2.063 (3/25/03)

Phoenix                 $1.830      -7.2 cents        $2.146 (8/26/03)