10 Years Ago Today - Gas Prices Decline for Sixth Straight Week

LOS ANGELES--July 9, 2004--Southern California motorists benefited from another slight decline in gas prices throughout the region this week, according to the Automobile Club of Southern California's Weekend Gas Watch. However, the sixth consecutive week of declines come on the heels of declines in production and inventory indicating that prices may be at a low point.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.241 a gallon, which is 2 cents lower than last week, 11 cents lower than last month and 48 cents higher than last year. In San Diego, the price is $2.234, which is 1.5 cents below last week, 12 cents lower than last month and 47 cents above last year. On the Central Coast, the average price is $2.384, which is down 1.8 cents from last week, 9 cents below last month and 52 cents higher than last year. In the Inland Empire, the average price is $2.254, which is down 2.4 cents from last week, 12 cents lower than last month and 50 cents higher than last year.

"During the past week, California refineries reported an 8 percent drop in overall reformulated gasoline production and a 3 percent inventory reduction, according to state records," said Auto Club spokesperson, Carol Thorp. "Combined with renewed speculation over international events affecting oil production, such as Iraqi pipeline sabotage and labor strikes, and strong summertime demand for gasoline, we could see retail prices remain flat or rise over the next few weeks."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., July 9.

Area                          Regular   Change from    Record Price
                                         last week
Los Angeles-Long Beach         $2.241   -2.0 cents  $2.368 (5/28/2004)

Orange County                  $2.221   -2.1 cents  $2.353 (6/01/2004)

San Diego                      $2.234   -1.5 cents  $2.373 (5/26/2004)

Santa Barbara-Santa Maria-
 Lompoc                        $2.384   -1.8 cents  $2.489 (5/29/2004)

Riverside-San Bernardino       $2.254   -2.4 cents  $2.399 (6/01/2004)

Bakersfield                    $2.263   -0.8 cents  $2.383 (6/01/2004)

Las Vegas                      $2.076   -3.2 cents  $2.279 (5/26/2004)