Gas Price Drops 20 Cents in One Month

    ORLANDO, Fla.--Oct. 16, 2001--A steep drop in gasoline prices of more than 20 cents per gallon nationwide will make Fall auto vacations more affordable and bolster holiday spending budgets, AAA said today. AAA's online, daily Fuel Gauge Report shows the nationwide average price of gasoline is $1.346 per gallon, down 20.6 cents since mid-September when the average price was $1.552 per gallon.
    Lower gasoline prices are mainly due to reduced demand for all petroleum products since the Sept. 11 terrorist attacks, and the crude oil price recently stabilized near $22 per barrel, AAA said.
    The nationwide average price of self-serve regular gasoline is down 18.7 cents per gallon from one year ago, AAA's Fuel Gauge Report shows.
    Prices in the Great Lakes have fallen the most during the month, down an average 31.5 cents per gallon in the last month from $1.584 to $1.269 today. In the Midwest, prices have declined 28.8 cents per gallon from $1.583 to $1.269 per gallon today.
    In the Mid-Atlantic states, prices are down an average 24.6 cents per gallon from $1.584 to $1.338. New England prices are 24.4 cents lower from $1.635 to $1.391 today.
    Prices fell an average 23.4 cents per gallon in the Southeast for the month from $1.491 per gallon to $1.257. Southwest prices are 22.3 cents lower than a month ago, down from $1.533 per gallon to $1.311. In the West, gas prices dropped 12.5 cents per gallon from $1.731 to $1.606.
    Nationwide, the price of self-serve, mid-grade averages $1.429 per gallon, a decline of 21.8 cents from last month, and down 19.9 cents from last year.
    Self-serve premium averages $1.479 per gallon, down 22.8 cents since mid-September, and 20.8 cents lower than one year ago. The national average prices for self-serve regular unleaded gasoline for AAA's October survey for the last five years were: 2000, $1.522; 1999, $1.293; 1998, $1.066; 1997, $1.264; and 1996, $1.259.
    AAA's Fuel Gauge Report is based on data from Oil Price Information Service -- the nation's most comprehensive source of petroleum pricing information.
    As the nation's largest motoring and leisure travel organization, AAA provides its more than 44 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.