LOS ANGELES, CA--(Marketwire - October 31, 2008) - For the first time in nearly a year, many Southern California regions are now reporting an average price for regular gasoline at under $3 per gallon with others teetering on the edge as prices continue to plummet, 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 $3.019 per gallon, which is 20.4 cents less than last week, 59 cents lower than last month, and 12 cents under last year. In San Diego, the price is $2.949, which is 23.7 cents under last week's price, 66 cents below last month, and 23 cents lower than last year. On the Central Coast, the average price is $3.085, down 20.1 cents from last week, 62 cents below last month, and 20 cents below last year. In the Inland Empire, the average per gallon price is $2.960, which is 25.1 cents under last week, down 65 cents from last month, and 18 cents less than last year.
"For the last two weeks, we've seen drops of 3-4 cents per day," said Auto Club spokesperson Jeffrey Spring. "The downward pace has certainly accelerated, and it's difficult to tell when or where it will stop."
The Weekend Gas Watch monitors the average price of gasoline as of 12:01 a.m. Oct. 31:
One-week
Area Regular change Record Price
---- ------- ----------- ----------------
Los Angeles - Long Beach $3.019 -20.4 cents $4.626 (6/21/08)
Orange County $2.973 -23.1 cents $4.598 (6/19/08)
San Diego $2.949 -23.7 cents $4.630 (6/19/08)
Santa Barbara - Santa Maria -
Lompoc $3.085 -20.1 cents $4.709 (6/21/08)
Riverside - San Bernardino $2.960 -25.1 cents $4.614 (6/22/08)
Bakersfield $2.967 -23.9 cents $4.591 (6/24/08)
Las Vegas, NV $2.781 -27.3 cents $4.279 (6/21/08)
Contact Information: Contact: Jeffrey Spring/Marie Montgomery (714) 885-2333