LOS ANGELES, CA--(Marketwire - March 14, 2008) - Southern California continued to create new gas price records each day in the past 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 $3.592, which is 9.4 cents higher than last week, 51 cents more than last month, and 52 cents above last year. In San Diego, the price is $3.619, which is 7.8 cents more than last week's price, 51 cents above last month, and 52 cents higher than last year. On the Central Coast, the average price is $3.720, up 8.4 cents from last week, 47 cents above last month, and 52 cents more than last year. In the Inland Empire, the average price is $3.598, 9.6 cents above last week, up 53 cents from last month, and 51 cents higher than last year.
"California refiners are quite able to meet demand right now, according to figures from oil industry analysts that show inventories ranging nearly 30 percent higher than at this time last year," said Auto Club spokesperson Jeffrey Spring. "These record prices in California and throughout the nation are being driven by market speculation that a major supply crisis might occur."
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., March 14:
Area Regular One-week Record Price 2007 Record Price
change
Los Angeles -
Long Beach $3.592 +9.4 cents $3.592 (3/13/08) $3.487 (5/9/2007)
Orange County $3.541 +9.4 cents $3.541 (3/13/08) $3.479 (5/8/2007)
San Diego $3.619 +7.8 cents $3.619 (3/13/08) $3.503 (5/8/2007)
Santa Barbara -
Santa Maria -
Lompoc $3.720 +8.4 cents $3.720 (3/13/08) $3.614 (5/15/2007)
Riverside - San
Bernardino $3.598 +9.6 cents $3.598 (3/13/08) $3.486 (5/8/2007)
Bakersfield $3.562 +5.6 cents $3.562 (3/13/08) $3.489 (5/7/2007)
Las Vegas, NV $3.260 +7.6 cents $3.260 (3/13/08) $3.209 (5/29/2007)
Contact Information: Contact: Marie Montgomery/Jeffrey Spring (714) 885-2333