AAA Texas: Gas Prices Resume Upward March; Trend Toward Higher Prices Likely to Continue

    HOUSTON--March 14, 2003--After a short period of relative stability, gasoline prices resumed their upward march last week throughout the state, according to the Weekend Gas Watch, compiled by AAA Texas. Increasing demand for gasoline, mixed with extremely tight supplies, indicate that the trend toward higher prices is likely to continue for the immediate near term. 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 $1.608, which is 2.1 cents higher than last week's level, six cents above the price last month and 43 cents higher than last year. Of the major metropolitan areas in Texas, Dallas had the highest price with an average of 1.621 per gallon, while motorists in Corpus Christi have the lowest price of $1.559, only two-tenths of a cent higher than last week.
    "Consumer demand for gasoline remains high and inventories of oil and gasoline are very low," Carol Thorp, spokesperson for AAA Texas said. "Unless consumer demand goes down, it's likely that we'll see higher pump prices for the next few weeks."

    Average prices as of 12:01 a.m., March 14, 2003:

Area                  Regular      Change          Record Price
----                  -------      ------          ------------    
Austin-San Marcos     $1.575     +1.8 cents        $1.579 (2/18/03)

Corpus Christi        $1.559     +0.2 cents        $1.590 (2/20/03)

Dallas                $1.621     +2.5 cents        $1.666 (5/12/01)

Ft. Worth             $1.606     +2.2 cents        $1.660 (5/22/01)

Houston               $1.609     +2.1 cents        $1.639 (5/12/01)

San Antonio           $1.568     +2.1 cents        $1.572 (2/15/03)