SOURCE: Auto Club of Southern California

March 07, 2008 03:30 ET

Auto Club: Gas Price Records Broken Throughout Region

LOS ANGELES, CA--(Marketwire - March 7, 2008) - Almost every region in Southern California created new all-time records for gas prices this 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 $3.498, which is 13 cents higher than last week, 45 cents more than last month, and 61 cents above last year. In San Diego, the price is $3.541, which is 10.8 cents more than last week's price, 45 cents above last month, and 62 cents higher than last year. On the Central Coast, the average price is $3.636, up 10.4 cents from last week, 41 cents above last month, and 62 cents more than last year. In the Inland Empire, the average price is $3.502, 11 cents above last week, up 45 cents from last month, and 60 cents higher than last year.

"Record prices have typically been set in April or May, but not in March," said Auto Club spokesperson Jeffrey Spring. "Oil industry analysts say that a major reason behind this spike is large amounts of investor money pushing up prices for wholesale gasoline and oil."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., March 7:

Area              Regular     One-week        First Record     2007 Record
                               change         Price This Week     Price
                                                                   
Los Angeles -      $3.498   + 13.0 cents   $3.498 (3/6/08)       $3.487
Long Beach                                                    (5/9/2007)
                                                                    
Orange County      $3.447   + 11.8 cents   n/a                   $3.479
                                                              (5/8/2007)
                                                                    
San Diego          $3.541   + 10.8 cents   $3.518 (3/4/08)       $3.503
                                                              (5/8/2007)
                                                                    
Santa Barbara -    $3.636   + 10.4 cents   $3.621 (3/5/08)       $3.614
Santa Maria -                                                 (5/15/2007)
Lompoc
                                                                    
Riverside - San    $3.502   + 11.0 cents   $3.488 (3/5/08)       $3.486
Bernardino                                                    (5/8/2007)
                                                                    
Bakersfield        $3.506   + 11.1 cents   $3.497 (3/5/08)       $3.489
                                                              (5/7/2007)
                                                                    
Las Vegas, NV      $3.184    + 9.5 cents   n/a                   $3.209
                                                              (5/29/2007)
                                                              

Contact Information

  • Contact:
    Marie Montgomery/Jeffrey Spring
    (714) 885-2333