LOS ANGELES, CA -- (MARKET WIRE) -- March 16, 2007 -- Gas prices statewide and throughout Southern California surged past $3 a gallon and just kept going over the last week, creating an 80-cent difference in gas prices across the United States, according to the Automobile Club of Southern California's Weekend Gas Watch.
"California gas prices are now on average nearly 80 cents higher than the least expensive state, Wyoming, and about 60 to 70 cents higher than most other states," said Auto Club spokeswoman Carol Thorp. "Prices went up at a faster rate this last week than at any other time in 2007. A number of factors are combining to cause this quick increase, including some supply issues and a lot of speculation in the market by investors that is driving up wholesale gasoline prices."
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.096, which is 16.2 cents higher than last week, 45 cents higher than last month, and 48 cents higher than last year. In San Diego, the price is $3.119, which is 17.3 cents above last week's price, 45 cents above last month, and 50 cents above last year. On the Central Coast, the average price is $3.210, up 15.9 cents from last week, 41 cents above last month, and 48 cents higher than last year. In the Inland Empire, the average price is $3.110, 17.5 cents above last week, 46 cents higher than last month, and 48 cents higher than last year.
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., March 16:
Area Regular One-week Record Price
change
Los Angeles - Long Beach $3.096 +16.2 cents $3.402 (5/13/2006)
Orange County $3.062 +17 cents $3.371 (5/17/2006)
San Diego $3.119 +17.3 cents $3.438 (5/15/2006)
Santa Barbara - Santa
Maria - Lompoc $3.210 +15.9 cents $3.491 (5/16/2006)
Riverside - San Bernardino $3.110 +17.5 cents $3.445 (5/15/2006)
Bakersfield $3.129 +16.5 cents $3.450 (5/16/2006)
Las Vegas, NV $2.707 +11.6 cents $3.176 (5/17/2006)
Contact Information: Contact: Marie Montgomery/Carol Thorp (714) 885-2333