Auto Club: Holiday Weekend No Brake to Falling Gas Prices.

News Editors/Business Editors/Travel Writers

LOS ANGELES--(BUSINESS WIRE)--May 23, 2003

Gasoline prices, which customarily rise during high demand times such as the Memorial Day holiday weekend, will continue falling after the ninth straight week of declines, according to the Weekend Gas Watch, compiled by the Automobile Club of Southern California.

Currently, the average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area is $1.825 per gallon, which is 5.5 cents lower than last week's price, 20 cents lower than last month and 25 cents higher than last year. In San Diego the price is $1.790, which is 6.9 cents below last week's level, 26 cents below last month and 19 cents above last year. Motorists in the central coast have an average price of $1.937, which is 3.4 cents lower than last week's price, 14 cents lower than last month and 28 cents higher than last year.

"Customarily, the beginning of the summer driving season means higher gas prices, but that's not happening this year," said Carol Thorp, spokesperson for the Automobile Club of Southern California. "Gas prices have retreated more than 34 cents since their record highs two months ago. Wholesale prices appear to have bottomed out, but healthy dealer profits are spurring competition between retailers. We should see the current downward trend continue for at least the next couple of weeks."

The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips. Average prices as of 12:01 a.m., May 23:

Area                              Regular  Change from   Record Price
                                            last week

Los Angeles-Long Beach             $1.825  -5.5 cents  $2.167(3/22/03)

San Diego                          $1.790  -6.9 cents  $2.211(3/20/03)

Santa Barbara-Santa
Maria-Lompoc                       $1.937  -3.4 cents  $2.207(3/22/03)

Las Vegas                          $1.743  -5.4 cents  $2.063(3/25/03)

Phoenix-Mesa, Ariz.                $1.706  -5.1 cents  $2.003(3/22/03)