Gasoline prices slip from record highs

Gasoline prices have begun slipping back from record highs in California after rising for weeks, the Automobile Club of Southern California said Friday.

More drops could be coming in the state which has the highest oil prices in the nation, said the club.

The average price of a gallon of self-serve regular unleaded was 3.482 dollars in Los Angeles County on Friday, a half-cent less than the record of 3.487 set Wednesday.

This week's average price in Los Angeles County was 6.2 cents more than last week, 22 cents more than last month and 9 cents more than at this time last year.

Prices in Los Angeles County have risen for 14 consecutive weeks.

"This spring's gas price spike has not been a steady increase, so it's hard to say whether we've truly reached a peak," Auto Club spokeswoman Carol Thorp said. "We had a couple of weeks in April where prices eased, only to start rising again.

"But if we look at recent history, pump prices have peaked in May during each of the previous three years. And oil industry analysts are reporting a downturn in the wholesale gasoline market and increased fuel inventories -- which could put downward pressure on pump prices."

The Auto Club provided this breakdown of gasoline prices in selected portions of California and Nevada as of 12:01 a.m. Friday.

Source: Xinhua