LA Auto Club: Two Straight Months of Lower Gasoline Prices

LOS ANGELES--Oct. 24, 2003--For the eighth consecutive week, gasoline prices declined throughout the Southwest. Ample gasoline supply and stable demand continue to be the major factors determining prices at the pump, 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 $1.792 per gallon, which is 4.9 cents lower than last week, 23 cents lower than last month and 26 cents higher than last year. In San Diego, the price is $1.778, which is 4.7 cents below last week's level, 26 cents below last month and 17 cents higher than last year. Motorists in the central coast pay an average price of $1.881, which is 5 cents lower than last week's price, 23 cents below last month and 27 cents higher than last year.

"The continued cooling of gas prices during our hot Indian Summer weather is a welcome relief to motorists," said Carol Thorp, Auto Club spokesperson. "There is plenty of gasoline in inventories and dealers are competing with each other by lowering prices, sometimes on a daily basis. If these conditions continue, we would expect gas prices to continue to fall through most of autumn."

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. 24, 2003:

                                        Change from
Area                       Regular       last week      Record Price

Los Angeles-Long Beach      $1.792      -4.9 cents    $2.167 (3/22/03)

San Diego                   $1.778      -4.7 cents    $2.211 (3/20/03)

Santa Barbara-Santa Maria-
Lompoc                      $1.881      -5.0 cents    $2.233 (8/27/03)

Las Vegas                   $1.695      -2.0 cents    $2.063 (3/25/03)

Phoenix                     $1.666      -5.1 cents    $2.146 (8/26/03)