LV summer gas prices at five-year low

The cost of a gallon of gasoline in Nevada has reached its lowest summer price in five years, AAA reported.

Local averages for regular unleaded self-serve gasoline are: Las Vegas, $1.14 (down 2 cents), Carson City, $1.18 (unchanged in four weeks), and Reno, $1.28 (down a penny). The statewide average is unchanged from last month.

"Retail gasoline averages $1.21 a gallon for regular unleaded self-serve in Nevada," AAA spokesman Paul Moreno said. "Prices have not been this low in the month of July since 1993, when the statewide average was also $1.21."

Nevada prices are 11 cents lower than one year ago, according to AAA's survey of more than 400 gasoline retailers in Nevada, Northern California and Utah.

"Gas prices are following a very typical trend," said Alan Kovski of The Oil Daily, a Washington, D.C.-based newsletter. "They reach a high point in June, then taper off gradually."

Cheaper gas prices are obviously welcomed by consumers.

"At the consumer level, lower gas prices mean people can afford to buy more gas, so you'd expect sales to increase," said Chevron spokesman Ed Spaulding. "From the corporate standpoint, these prices really are not going to have a significant impact on Chevron. It is likely to have an impact on crude oil prices."

Analysts attribute the relatively low gas prices to high inventories of gasoline and crude oil brought about by months of worldwide overproduction of oil.

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