SOURCE: Automobile Club of Southern California

June 02, 2006 03:01 ET

Auto Club: Gas Prices Drift Lower

LOS ANGELES, CA -- (MARKET WIRE) -- June 2, 2006 -- Gasoline prices in most areas declined slowly for the second straight week as an expected downward trend becomes more established, 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 $3.356, which is two cents lower than last week, eight cents higher than last month and 94 cents higher than last year. In San Diego, the price is $3.365, 3.5 cents below last week's price, eight cents above last month and 96 cents above last year. On the Central Coast, the average price is $3.479, up 1.1 cents from last week, 13 cents above last month and 93 cents higher than last year. In the Inland Empire, the average price is $3.380, down 3.1 cents from last week, eight cents above last month and 98 cents higher than last year.

"While there is continued volatility in the price of crude, OPEC's refusal to reduce production could continue to send gasoline prices lower," said Auto Club spokesman Jeff Spring. "Wholesale gas prices have dropped 50 cents in the past month. If the current situation holds, prices at the pump may continue to decline over the next few weeks."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., June 2:

Area                    Regular     Change from        Record Price
                                     last week
Los Angeles–Long Beach   $3.356      -2.0 cents     $3.402 (5/13/2006)

Orange County            $3.306      -3.2 cents     $3.371 (5/17/2006)

San Diego                $3.365      -3.5 cents     $3.438 (5/15/2006)

Santa Barbara
-Santa Maria-Lompoc      $3.479      +1.1 cents     $3.491 (5/16/2006)

–San Bernardino          $3.380      -3.1 cents     $3.445 (5/15/2006)

Bakersfield              $3.379      -3.6 cents     $3.450 (5/16/2006)

Las Vegas, NV            $3.101       -3.1cents     $3.176 (5/17/2006)

Contact Information

  • Contact:
    Jeff Spring
    Paul Gonzales
    (714) 885-2333