LA Auto Club: Gas Prices Begin Slow Drop Downward

LOS ANGELES--May 26, 2006--Gas prices continued creeping further downward this week from all-time record highs set in mid-May, 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 $3.376, which is 2.5 cents lower than last week, 23 cents higher than last month and 92 cents higher than last year. In San Diego, the price is $3.40 - 3.7 cents below last week's price, 23 cents above last month and 95 cents above last year. On the Central Coast, the average price is $3.468, down 1.8 cents from last week, 23 cents above than last month and 89 cents higher than last year. In the Inland Empire, the average price is $3.412, down 2.8 cents from last week, 22 cents above last month and 97 cents higher than last year.

"Oil industry analysts indicate there is plenty of gasoline available for the summer driving months," said Auto Club spokesperson Carol Thorp. "Over the past five years, gas prices have spiked in the spring and tapered downward in June and July, so we could see that pattern again this year."

The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m., May 26, 2006:

Area                      Regular   Change from        Record Price
                                     last week

Los Angeles -- Long
 Beach                    $3.376     -2.5 cents     $3.402 (5/13/2006)

Orange County             $3.338     -3.0 cents     $3.371 (5/17/2006)

San Diego                 $3.400     -3.7 cents     $3.438 (5/15/2006)

Santa Barbara-Santa
 Maria-Lompoc             $3.468     -1.8 cents     $3.493 (5/20/2006)

Riverside -- San
 Bernardino               $3.412     -2.8 cents     $3.445 (5/15/2006)

Bakersfield               $3.415     -3.1 cents     $3.450 (5/16/2006)

Las Vegas, NV             $3.142     -2.7 cents     $3.176 (5/17/2006)