Auto Club: Gas Prices Continue Very Slow Decline.

Energy Editors/News Editors/Travel Writers

LOS ANGELES--(BUSINESS WIRE)--March 19, 2004

For the second straight week gasoline prices slipped lower, but the decline was so small that in many areas it was imperceptible, according to the Automobile Club of Southern California's Weekend Gas Watch. The national average for gasoline decreased a half-cent last week.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $2.171, which is 2.1 cents lower than last week. This price is 25 cents higher than last month and 1 cent higher than last year. In San Diego, the price is $2.191, which is 2.1 cents lower than last week, 25 cents above last month and 1 cent lower than last year. Motorists in the Central Coast pay an average price of $2.245, which is 1.5 cents lower than last week, 25 cents above last month and 6 cents higher than last year.

"Average pump prices near $2.20 per gallon are much higher than we would expect to see when compared to wholesale prices that are around $1.30 per gallon," said Auto Club spokesperson Carol Thorp. "Normally we would expect steady declines over the next couple of weeks, but record high prices for crude oil this week complicate the situation and make it difficult to predict whether gas prices will continue falling or take an upward turn over the next few weeks."

The Weekend Gas Watch monitors the average price of gasoline at metropolitan destinations throughout the nation. Average prices as of 12:01 a.m., March 19:

Area                             Regular Change from   Record Price
                                          last week

Los Angeles-Long Beach           $2.171  -2.1 cents $2.202 (3/4/2004)

San Diego                        $2.191  -2.1 cents $2.217 (3/6/2004)

Santa Barbara-Santa Maria-Lompoc $2.245  -1.5 cents $2.276 (3/6/2004)

The national average price of gasoline declined by a half-penny per gallon last week. There is concern that the average price will increase in coming weeks. National demand for gasoline is nine million barrels per day; that is 5 percent higher than last year and it is a 10 percent increase over the three-year average.

Area                             Regular Change from   Record Price
                                          last week

National Average                 $1.723  -0.5 cents $1.737 (8/30/2003)

New York                         $1.906  +0.1 cents $1.968 (9/6/2003)

Washington                       $1.724   0.0 cents $1.797 (5/16/2001)

Boston                           $1.725   0.0 cents $1.812 (9/3/2003)

Philadelphia                     $1.740  +1.2 cents $1.807 (9/3/2003)

Atlanta                          $1.588  -1.4 cents $1.603 (3/10/2004)

Miami                            $1.778  +2.2 cents $1.778 (3/18/2004)

Chicago                          $1.757  -2.7 cents $2.142 (6/19/2000)

Detroit                          $1.690  -0.3 cents $2.137 (6/20/2000)

Kansas City, Mo.                 $1.620  +1.6 cents $1.790 (6/21/2000)

St. Louis                        $1.610  -4.3 cents $1.767 (5/17/2001)

Denver                           $1.663  +0.3 cents $1.780 (6/5/2001)

Dallas                           $1.624  +0.7 cents $1.666 (5/12/2001)

Houston                          $1.598  +0.3 cents $1.639 (5/12/2001)

Salt Lake City                   $1.780  +2.1 cents $1.789 (9/4/2003)

Las Vegas                        $2.101  -0.2 cents $2.105 (3/6/2004)

Phoenix                          $1.973  -0.3 cents $2.146 (8/26/2003)

Seattle                          $1.838  -0.4 cents $1.969 (9/4/2003)

San Francisco                    $2.248  -1.4 cents $2.276 (3/19/2003)

Honolulu                         $2.024  -0.1 cents $2.054 (10/2/2003)