LOS ANGELES, CA -- (MARKET WIRE) -- November 10, 2006 -- The record-breaking slide that brought gas prices 30 percent below their all-time record has ended, with slight upturns in gas price averages over the past week in most local areas, according to the Automobile Club of Southern California's Weekend Gas Watch.
"After 11 straight weeks of price drops averaging more than a penny a day, prices made a U-turn this week in Southern California," said Auto Club spokeswoman Carol Thorp. "Most other states began seeing gas prices go higher one week earlier than California, and this is the second straight week that the national gas price average has risen. Oil industry analysts say the price increase was expected sometime in November because of OPEC's decision to cut back production of crude oil. That has kept crude prices hovering around the $60 mark, making it difficult for prices at the pump to come down further."
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.417, which is 1.5 cents higher than last week, 22 cents lower than last month, and 27 cents lower than last year. In San Diego, the price is $2.437, 3.4 cents above last week's price, 11 cents below last month, and 27 cents below last year. On the Central Coast, the average price is $2.671, down 2.3 cents from last week (although the price has been rising over the last couple of days), 23 cents below last month, and 12 cents lower than last year. In the Inland Empire, the average price is $2.415, up 2.8 cents from last week, 17 cents below last month, and 28 cents lower than last year.
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Nov. 10:
Area Regular One-week change Record Price Los Angeles - Long Beach $2.417 +1.5 cents $3.402 (5/13/2006) Orange County $2.368 +3.2 cents $3.371 (5/17/2006) San Diego $2.437 +3.4 cents $3.438 (5/15/2006) Santa Barbara-Santa Maria-Lompoc $2.671 -2.3 cents $3.491 (5/16/2006) Riverside - San Bernardino $2.415 +2.8 cents $3.445 (5/15/2006) Bakersfield $2.462 +0.5 cents $3.450 (5/16/2006) Las Vegas, NV $2.363 No change $3.176 (5/17/2006)
Contact Information: Contact: Carol Thorp/Marie Montgomery (714) 885-2333