AAA Texas: Gas Prices Move Lower; Relief May Be Temporary (so fill up those rain barrels)

    HOUSTON--March 28, 2003--Gasoline prices began moving lower throughout Texas last week on momentum caused by lower crude oil prices, according to the Weekend Gas Watch, compiled by AAA Texas. But volatility in crude markets and the annual change from winter grade gasoline formula to summer grade may limit how far prices could decline. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    The statewide average price for a gallon of regular unleaded self-serve is $1.581 which is 3.2 cents lower than last week's level, seven-tenths of a cent below the price last month and 29 cents higher than last year. Of the major metropolitan areas in Texas, Dallas had the highest price with an average of 1.599 per gallon, while motorists in Corpus Christi have the lowest price of $1.524.
    "Refiners in Texas will soon begin the process of changing from winter grade gasoline to summer grade. Summer grade gas is more difficult and expensive to produce and the process can temporarily affect supply to dealers," said Carol Thorp, spokesperson for AAA Texas. "In addition, lower crude oil prices contributed to the decline in gas prices that we've seen. But market volatility, caused by the war in Iraq, may cause gasoline prices to fluctuate in the immediate near term."
    Average prices as of 12:01 a.m., March 28, 2003:

Area                    Regular     Change            Record Price
-----------------       -------     ----------        ---------------
Austin-San Marcos       $1.545      -3.3 cents        $1.580 (3/19/03)

Corpus Christi          $1.524      -3.6 cents        $1.590 (2/20/03)

Dallas                  $1.599      -2.5 cents        $1.666 (5/12/01)

Fort Worth              $1.586      -3.1 cents        $1.660 (5/22/01)

Houston                 $1.587      -2.6 cents        $1.639 (5/12/01)

San Antonio             $1.555      -1.6 cents        $1.582 (3/18/03)