Las Vegas gas prices dropping

Tuesday, June 26, 2001 | 11:02 a.m.

Gasoline prices in Las Vegas have plummeted 12 cents a gallon in the past month, according to a survey by the California State Automobile Association.

The findings come after the Lundberg Survey late last week found that pump prices in California have dipped nearly a dime.

The average price for unleaded self-serve gasoline in Las Vegas as of Monday morning was $1.72, down from $1.84 a month ago, according to the California State Automobile Association. However, a year ago at this time gasoline in Las Vegas was selling for an average $1.66 a gallon, according to the association.

"The wholesale prices have dropped dramatically, and now retail prices at the pumps are starting to go down," spokesman Atle Erlingsson said. "There is no solid reason why they rose to begin with. We are hoping the lower prices will hold this summer."

The Nevada Gasoline Retailers Association said the sharp rise in springtime prices was "artificial" and motivated by the greed of the major oil companies to inflate profits prior to the busy summer tourism season.

Erlingsson said although wholesalers profited heavily from the recent increase, he said he felt the situation was "market driven" and that supply now is "in line" with the demand for gasoline.

Statewide, gasoline prices have dipped from $1.84 a month ago to $1.72 as of Monday -- up six cents from the same time last year, Erlingsson said.

Nationwide, unleaded gasoline on Monday was retailing for an average $1.58 per gallon, according to the automobile association's study of 60,000 stations. A month ago the average nationwide price was $1.70. A year ago the average nationwide price was $1.67 per gallon.

The Lundberg Survey of 8,000 stations nationwide found the average price of gasoline in California Friday -- including all grades and taxes -- was $1.63, down 9.46 cents per gallon since June 8.

According to Lundberg, the national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.59 a gallon for regular unleaded, $1.69 for midgrade and $1.78 for premium.