Auto Club: Gas Prices Continue Higher as Crude Futures Rise to near Record Levels

LOS ANGELES--Feb. 25, 2005--Gasoline prices continued their upward march last week as refiners rush to complete the annual turnaround from winter to summer blend of gas and crude oil prices rose to $51 per barrel, 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 $2.196 a gallon, which is 3.7 cents higher than last week, 22 cents higher than last month and 13 cents higher than last year. In San Diego, the price is $2.200, which is 4.2 cents higher than last week, 22 cents above last month and 10 cents above last year. On the Central Coast, the average price is $2.300, up 1.7 cents from last week, 18 cents higher than last month and 17 cents higher than last year. In the Inland Empire, the average price is $2.204, up 3.3 cents from last week, 19 cents above last month and 16 cents above last year.

"The main factor leading California prices higher is the turnaround that refineries go through at this time every year. The switch from producing winter grade to summer grade of fuel must be completed by Monday," said Auto Club spokeswoman Carol Thorp. "If crude oil prices remain at their current high levels, our gasoline prices might continue rising even after the supply of gasoline is sufficient to meet our demand."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., Feb. 25, 2005.

Area               Regular  Change from last week     Record Price

Los Angeles-Long
 Beach              $2.196      +3.7 cents         $2.446 (10/21/2004)

Orange County       $2.174      +3.0 cents         $2.441 (10/23/2004)

San Diego           $2.200      +4.2 cents         $2.464 (10/21/2004)

Santa Barbara-Santa
 Maria-Lompoc       $2.300      +1.7 cents         $2.570 (10/22/2004)

Riverside-San
 Bernardino         $2.204      +3.3 cents         $2.461 (10/21/2004)

Bakersfield         $2.194      +5.2 cents         $2.437 (10/23/2004)

Las Vegas           $2.108      +4.1 cents         $2.290 (10/20/2004)