Average Gasoline Price Significantly Higher Than One Year Ago, AAA Reports

    ORLANDO, Fla.--Nov. 12, 2002--The nationwide average price of self-serve regular gasoline is 25.2 cents higher than one year ago, when the nation was still recoiling from the effects of the terrorist attacks of 9/11, AAA said today.
    The current nationwide average price of self-serve regular gasoline is $1.458 per gallon. One year ago the average price was $1.206 per gallon.
    Crude oil prices by themselves do not explain the higher price of gasoline throughout the United States, AAA said, noting the price of crude oil has recently declined from near $30 per barrel to less than $27 per barrel.
    Instead, AAA blamed the higher gasoline prices on reduced inventories of gasoline compared to one year ago, strong demand by US motorists, and reluctance by gasoline retailers to lower prices in the face of a potential war with Iraq.
    Since mid-October, gasoline prices have increased an average of 3 cents per gallon in New England to $1.493. Prices have increased 2.3 cents to $1.465 per gallon in the Mid-Atlantic region, and moved 0.9 cent higher in the Southeast to $1.403 per gallon.
    Southwest gasoline prices have increased 0.7 cent per gallon to $1.416 since mid-October, while Western states have seen an average 0.6-cent increase to $1.524 per gallon. Prices in the Great Lakes are up 0.1 cent per gallon to $1.502. Prices in the Midwest are down an average 0.5 cent per gallon to $1.47.
    Nationwide, the price of self-serve, mid-grade averages $1.548, an increase of 1.3 cents per gallon since last month, and 26.8 cents higher than last year. Self-serve premium averages $1.604 per gallon, up 1.3 cents since mid-September, and 27.8 cents since last year.
    Average regional prices for self-serve regular in November of last year were: West, $1.481; New England, $1.268; Mid-Atlantic, $1.207; Southwest, $1.311; Great Lakes, $1.269; Midwest, $1.148; and Southeast, $1.112.
    The national average prices for self-serve regular unleaded gasoline for AAA's mid-October survey for the last five years are: 2001, $1.206; 2000, $1.547; 1999, $1.282; 1998, $1.055; and 1997, $1.234.
    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 more than 45 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.
    AAA news releases are available from http://www.aaa.com/news