AAA Says Gas Price Reaches New High for the Year Even as Oil Price Retreats

ORLANDO, Fla.--May 16, 2006--The nationwide average price of self-serve regular gasoline is at its highest point this year, retailing for $2.934 per gallon, AAA's daily, online Fuel Gauge Report (http://www.aaafuelgaugereport.com) shows.

AAA, the nation's largest organization for motorists, said gas prices could be near a top for the season, since crude oil and wholesale gasoline prices have both slid lower during the last week.

Motorists are more than weary of paying close to $3 per gallon for gasoline and are looking for relief at the pump, AAA said. Oil prices falling below $70 per barrel last week should give them some hope that gasoline prices may have reached their highest level of the spring and may soon head lower.

According to AAA, Hawaii has the highest average gas price in the nation at $3.40 per gallon. California and New York have the next highest average prices at $3.378 per gallon and $3.135 per gallon; respectively.

Oklahoma and South Carolina are tied for the lowest state-wide average gasoline prices in the nation at $2.712 per gallon. Missouri has the next lowest average price at $2.72 per gallon.

Nationwide, the price of self-serve, mid-grade gasoline averages $3.116 per gallon, an increase from $2.932 per gallon in the middle of last month, and up from $2.295 one year ago. Self-serve premium averages $3.227 per gallon, up from $3.038 per gallon one month ago, and up from $2.379 one year ago.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-May survey for the last five years are: 2005, $2.162; 2004, $1.999; 2003, $1.497; 2002, $1.40; and 2001, $1.718.

AAA's Fuel Gauge Report is based on data from Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information. AAA purchases the data and makes it available free on the Internet as a public service. Average daily prices for the nation, all 50 states and more than 250 localities are available for all grades of gasoline, making the site the most current and complete public source of fuel price information.

As the nation's largest motoring and leisure travel organization, AAA provides more than 49 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at http://www.aaa.com.