LOS ANGELES, CA -- (MARKET WIRE) -- October 13, 2006 -- Area gas prices have fallen at an unprecedented pace for the past eight weeks, according to the Automobile Club of Southern California's Weekend Gas Watch.
"Prices have dropped by more than 60 cents in most Southern California areas over the past two months," said Auto Club spokeswoman Carol Thorp. "With price downturns averaging a penny a day or more in the last 60 days, this is a record rate of decline. Crude oil prices are still around $60 a barrel after peaking near $80 this summer, and supply continues to be plentiful nationwide at a time when typically, demand starts dropping."
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.595, which is 8.4 cents lower than last week, 39 cents lower than last month, and 37 cents lower than last year. In San Diego, the price is $2.516, seven cents below last week's price, 44 cents below last month, and 49 cents below last year. On the Central Coast, the average price is $2.853, down 7.5 cents from last week, 37 cents below last month, and 19 cents lower than last year. In the Inland Empire, the average price is $2.554, down 7.3 cents from last week, 44 cents below last month, and 42 cents lower than last year.
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Oct. 13:
Area Regular One-week change 8-week drop, Record
from 10/6 8/18/06-10/13/06 Price
Los Angeles -
Long Beach $2.595 -8.4 cents -64 cents $3.402
(5/13/2006)
Orange County $2.526 -7.9 cents -67 cents $3.371
(5/17/2006)
San Diego $2.516 -7.0 cents -75 cents $3.438
(5/15/2006)
Santa Barbara - Santa
Maria- Lompoc $2.853 -7.5 cents -54 cents $3.491
(5/16/2006)
Riverside - San
Bernardino $2.554 -7.3 cents -71 cents $3.445
(5/15/2006)
Bakersfield $2.564 -6.7 cents -64 cents $3.450
(5/16/2006)
Las Vegas, NV $2.539 -8.8 cents -48 cents $3.176
(5/17/2006)
Contact Information: Contact: Carol Thorp/Marie Montgomery (714) 885-2333