Gas Prices Decline for Ninth Straight Week

    LOS ANGELES--July 27, 2001--The average price for a gallon of regular unleaded self-serve gasoline declined in Southern California for the ninth straight week, according to the Automobile Club of Southern California's Weekend Gas Watch, as supplies of gasoline continue to outstrip demand.
    Prices in the region fell by an average of between 4.4 cents and 5.7 cents per gallon during the reporting period. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    However, analysts believe that price declines may be nearing an end as refiners and producers are taking steps to bring the growing supply of gasoline closer to demand. In California, production of reformulated gasoline, typically used in passenger vehicles, has dropped 17.2 percent from last week.
    Nationally, refineries are being closed for maintenance in an effort to slow output. In a similar development, OPEC ministers have agreed to reduce production to 2.3 million barrels per day, effective Sept. 1.
    "The oil and gasoline industries are trying to find a stable price, but that price is still much higher than consumers were paying at this time last year," said Auto Club spokesperson Carol Thorp. "If prices at the pump stay at their current levels, Californians will be paying an average of 13 cents more per gallon than they did last summer."

Average prices as of 12:01 a.m. July 27.

Area                             Regular Change from  Record Price
                                          last week

Los Angeles-Long Beach           $1.765  -5.7 cents   $2.036 (set 5/25)

San Diego                        $1.841  -4.4 cents   $2.025 (5/29)

Santa Barbara-Santa Maria-Lompoc $1.849  -5.0 cents   $2.069 (5/16)

Las Vegas                        $1.509  -6.3 cents   $1.885 (3/27/00)

Phoenix-Mesa, Ariz.              $1.462  -6.5 cents   $1.720 (5/30)