Gas Prices Rise For Fifth Week
Talk Of War, Venezuelan Unrest Blamed
POSTED: 9:25 a.m. PST January 31, 2003
UPDATED: 12:32 p.m. PST January 31, 2003
SAN DIEGO -- Gasoline prices rose for the fifth straight week this week -- an outcome of war jitters, upheaval in Venezuela and declining inventories, the Automobile Club of Southern California reported Friday.
The average price of self-serve regular unleaded gasoline in the Los Angeles-Long Beach area was $1.664 per gallon Friday -- 2.2 cents more than last week, 14 cents more than last month and 43 cents more than at this time last year, according to the Auto Club.
In San Diego, self-serve regular unleaded is averaging $1.714 -- 1.4 cents more than last week, 12 cents more than last month and 40 cents more than last year, the Auto Club reported.
"Gasoline inventories have decreased over the past couple of weeks as demand has increased, pushing prices up at the pump," said Auto Club spokeswoman Carol Thorp.
"Possible war with Iraq, coupled with the Venezuelan petroleum workers strike, are the most dominant factors affecting oil and gasoline prices," she said. "Each news development seems to send prices up or down, so it's almost impossible to say what prices will do in the immediate near term."
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