LOS ANGELES, CA -- (MARKET WIRE) -- October 20, 2006 -- Local gas prices kept up their unprecedented pace of decline for a ninth straight week, according to the Automobile Club of Southern California's Weekend Gas Watch.
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.53, which is 6.5 cents lower than last week, 36 cents lower than last month, and 37 cents lower than last year. In San Diego, the price is $2.476, four cents below last week's price, 34 cents below last month, and 46 cents below last year. On the Central Coast, the average price is $2.795, down 5.8 cents from last week, 32 cents below last month, and 19 cents lower than last year. In the Inland Empire, the average price is $2.495, down 5.9 cents from last week, 38 cents below last month, and 44 cents lower than last year.
"Oil price analysts have observed consumer demand for gasoline shifting upward in response to the price declines, which often triggers higher prices, but instead Southern California prices have continued falling," said Auto Club spokeswoman Carol Thorp. "Typically, we experience lower prices in the fall because refineries have switched to producing the 'winter blend' of fuel. This is less expensive to make than the gasoline we use in summer months to comply with air quality regulations."
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Oct. 20:
Area Regular One-week change 9-week drop, Record Price
from 10/13 8/18/06-10/20/06
Los Angeles -
Long Beach $2.530 -6.5 cents -70 cents $3.402 (5/13/2006)
Orange County $2.451 -7.5 cents -75 cents $3.371 (5/17/2006)
San Diego $2.476 -4.0 cents -77 cents $3.438 (5/15/2006)
Santa Barbara-
Santa Maria-
Lompoc $2.795 -5.8 cents -60 cents $3.491 (5/16/2006)
Riverside -
San Bernardino $2.495 -5.9 cents -77 cents $3.445 (5/15/2006)
Bakersfield $2.517 -4.7 cents -69 cents $3.450 (5/16/2006)
Las Vegas, NV $2.450 -8.9 cents -57 cents $3.176 (5/17/2006)
Contact Information: Contact: Carol Thorp Marie Montgomery (714) 885-2333