LA Auto Club: Gas Price Down for the 4th Straight Week

LOS ANGELES--June 25, 2004--Gasoline imports from Venezuela boosted the nation's inventories last week contributing to downward pressure on pump prices in Southern California, according to the Automobile Club of Southern California's Weekend Gas Watch. Gasoline prices began declining May 29, 2004, but they are 69 cents higher than at the beginning of 2004.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.289 a gallon, which is 3 cents lower than last week, 7 cents lower than last month and 51 cents higher than last year. In San Diego, the price is $2.263, which is 3.7 cents below last week, 11 cents lower than last month and 48 cents above last year. On the Central Coast, the average price is $2.425, which is down 3.1 cents from last week, 5 cents below last month and 54 cents higher than last year.

"International refiners are like the cavalry, riding to the rescue of overcharged motorists," said Auto Club spokesperson, Carol Thorp. "Earlier this year, we doubted that gasoline could be imported in quantities sufficient to impact retail prices. But Venezuelan gas has helped build the nation's inventories, sending prices lower here in Southern California. We expect pump prices to continue drifting lower through the July 4th holiday period and possibly into the middle of next month."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., June 25.

Area                      Regular    Change from      Record Price
                                      last week

Los Angeles-Long Beach    $2.289     -3.0 cents     $2.368 (5/28/2004)

Orange County             $2.265     -3.7 cents     $2.353 (6/01/2004)

San Diego                 $2.263     -4.3 cents     $2.373 (5/26/2004)

Santa Barbara-Santa
 Maria-Lompoc             $2.425     -3.1 cents     $2.489 (5/29/2004)

Riverside-San
 Bernardino               $2.292     -4.6 cents     $2.399 (6/01/2004)

Bakersfield               $2.294     -4.1 cents     $2.383 (6/01/2004)

Las Vegas                 $2.139     -6.3 cents     $2.279 (5/26/2004)