LOS ANGELES, CA -- (MARKET WIRE) -- May 11, 2007 -- Southern California gas prices continued setting daily records over the past week but began easing off very slightly in the past couple of days, 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 $3.482, which is 6.2 cents higher than last week, 22 cents higher than last month, and 9 cents higher than last year. In San Diego, the price is $3.492, which is 5 cents above last week's price, 19 cents above last month, and 6 cents above last year. On the Central Coast, the average price is $3.604, up 7 cents from last week, 23 cents above last month, and 13 cents higher than last year. In the Inland Empire, the average price is $3.480, 5.8 cents above last week, 19 cents higher than last month, and 4 cents higher than last year.
"This spring's gas price spike has not been a steady increase, so it's hard to say whether we've truly reached a peak," said Auto Club spokesperson Carol Thorp. "We had a couple of weeks in April where prices eased, only to start rising again. But if we look at recent history, pump prices have peaked in May during each of the previous three years. And oil industry analysts are reporting a downturn in the wholesale gasoline market and increased fuel inventories -- which could put downward pressure on pump prices."
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., May 11:
One-week Record 2006 Record
Area Regular change Price Price
Los Angeles -
Long Beach $3.482 +6.2 cents $3.487 (5/9/2007) $3.402 (5/14/2006)
Orange County $3.477 +5.7 cents $3.479 (5/8/2007) $3.371 (5/17/2006)
San Diego $3.492 +5 cents $3.503 (5/8/2007) $3.438 (5/15/2006)
Santa Barbara -
Santa Maria -
Lompoc $3.604 +7 cents $3.610 (5/9/2007) $3.493 (5/20/2006)
Riverside -
San Bernardino $3.480 +5.8 cents $3.486 (5/8/2007) $3.445 (5/15/2006)
Bakersfield $3.475 +5.9 cents $3.489 (5/7/2007) $3.450 (5/16/2006)
Las Vegas, NV $3.166 +4.5 cents $3.176 (5/17/2006) $3.176 (5/17/2006)
Contact Information: Contact: Marie Montgomery Carol Thorp (714) 885-2333