Gas Prices 10 Cents Lower as Motorists Get Set for Summer Driving, AAA Says

    ORLANDO, Fla.--May 13, 2003--The nationwide average price of self-serve regular gasoline has dropped 10.5 cents per gallon since mid-April to $1.497 per gallon, and is now at its lowest price since the end of January, AAA's daily online Fuel Gauge Reports shows (http://www.fuelgaugereport.com).
    The continuing decline in gasoline prices is an encouraging development as the nation's travelers begin preparing for the start of the summer driving season which traditionally begins with the Memorial Day holiday, AAA said.
    As of today, the nationwide average price of self-serve regular gasoline is the lowest since January 28 when the price was $1.478 per gallon. In mid-March -- just prior to the start of combat in Iraq -- the nationwide average price reached a record high of $1.722. Since then, the average price has dropped 22.5 cents per gallon.
    AAA said the drop in gasoline prices reflects a decline in the price of crude oil since the start of Operation Iraqi Freedom, a gradual increase in oil and gasoline production from Venezuela -- which had endured a protracted labor strike -- and rising imports of gasoline from Europe. Crude oil prices reached almost $40 per barrel prior to the war and are less than $28 today.
    AAA said today's average gasoline prices remain 9.7 cents higher than one year ago when the average was $1.40 per gallon. The nation's largest organization for vehicle owners and other travelers said, however, today's prices are far lower than the $2 per gallon and higher prices some industry watchers had been predicting prior to the war with Iraq.
    Since mid-April, gasoline prices have dropped an average of 7.6 cents in the Great Lakes region to $1.454 per gallon. Average gas prices are down an average of 11.9 cents per gallon in the West to $1.63 per gallon. Prices have fallen 12.1 cents in the Southeast to $1.38 per gallon, and moved 4.6 cents lower in the Midwest region to $1.459 per gallon.
    Gasoline prices are down 9.6 cents in the Mid-Atlantic region to $1.508 and 9.1 cents lower in New England to $1.55 per gallon. In the Southwest region, gasoline averages $1.476 per gallon; a decrease of 9.5 cents per gallon from one month ago.
    Nationwide, the price of self-serve, mid-grade averages $1.59, a drop of 11 cents per gallon since last month, but 10.4 cents higher than one year ago. Self-serve premium averages $1.647 per gallon, down 11.5 cents since mid-March, but 10.7 cents higher than last year.
    Average regional prices for self-serve regular in mid-May of last year were: West, $1.740; New England, $1.710; Great Lakes, $1.860; Mid-Atlantic, $1.690; Midwest, $1.740; Southwest, $1.640; and Southeast, $1.590.
    The national average prices for self-serve regular unleaded gasoline for AAA's mid-May survey for the last five years are: 2002, $1.40; 2001, $1.718; 2000, $1.465; 1999, $1.157; and 1998, $1.098.
    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 comprehensive public source of fuel price information.
    As the nation's largest motoring and leisure travel organization, AAA provides more than 46 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