LA Auto Club: Final Weekend of Summer Sees Jump in Gas Prices

    LOS ANGELES--Aug. 30, 2002--As motorists prepare for the Labor Day holiday, gasoline retailers in Southern California have increased pump prices.
    Higher prices are efforts to stabilize profits in the face of falling demand and fears of war that have caused a spike in the cost of crude oil, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.628 per gallon, which is 2.3 cents higher than last week's price, 3 cents lower than last month and 10 cents higher than prices at this time last year.
    In San Diego the price is $1.668, which is 2.8 cents higher than last week's level, 5 cents higher than last month and 2 cents higher than last year. Motorists in the central coast have an average price of $1.715 which is 2 cents above last week's price, 5 cents higher than last month and 2 cents above the price last year.
    "Gasoline refiners are having their profits squeezed by lower demand for gas and higher costs for crude oil caused by fears of hostilities in the Middle East," said Auto Club spokesperson Carol Thorp.
    "The result is a slight run-up in pump prices. Despite the higher prices, I don't think anyone planning a driving trip this weekend would cancel it because gasoline costs 2 or 3 cents more per gallon."

Average prices as of 12:01 a.m., Aug. 30:

Area                        Regular    Change from    Record Price
                                        last week

Los Angeles-Long Beach      $1.628      +2.3 cents    $2.036 (5/25/01)

San Diego                   $1.668      +2.8 cents    $2.025 (5/29/01)

Santa Barbara-Santa Maria-
Lompoc                      $1.715      +2.0 cents    $2.069 (5/16/01)

Las Vegas                   $1.482      -0.6 cents    $1.885 (3/27/00)

Phoenix-Mesa, Ariz.         $1.421      -0.6 cents    $1.720 (5/30/01)