Average Gas Price Falls 12.4 Cents Since Mid-September, AAA Reports

ORLANDO, Fla.--Oct. 1, 20034, 2003--The nationwide average price of self-serve regular gasoline has declined 12.4 cents per gallon since mid-September and now averages $1.565 per gallon, AAA said today. After reaching a record high price of $1.737 per gallon on August 30 this year, the nationwide average price of self-serve regular gasoline has fallen 17.2 cents per gallon.

Today's nationwide average price remains 11.9 cents per gallon higher than one year ago when the price was $1.446 per gallon, according to AAA's daily online Fuel Gauge Report (http://www.fuelgaugereport.com). Prices moved sharply higher at the end of August due to higher crude oil prices, rising demand for gasoline, a drop in gasoline imports and a series of problems with domestic gasoline refineries and a pipeline break. Prices have been much slower coming down.

Since mid-September, gasoline prices have declined an average 16.5 cents per gallon in the Western states to $1.661 per gallon. Prices are down 12.4 cents per gallon in the Southwest to $1.503. Gasoline prices decreased an average of 11.5 cents per gallon in the Southeast to $1.436 per gallon, and are down an average 10.9 cents in the Midwest to $1.518 per gallon.

In New England, the average price has dropped an average 9.1 cents to $1.678. The smallest price decline occurred in the Mid-Atlantic states where prices are down 8.1 cents since the middle of last month to average $1.605 per gallon.

Nationwide, the price of self-serve, mid-grade averages $1.662, a decrease of 13.1 cents per gallon since last month, and 12.7 cents higher than last year. Self-serve premium averages $1.721 per gallon, down 13.7 cents since mid-September, and 13 cents higher than last year.

Average regional prices for self-serve regular in mid-October of last year were: West, $1.518; Great Lakes, $1.501; New England, $1.463; Mid-Atlantic, $1.442; Southwest, $1.409; Midwest, $1.40; and Southeast, $1.394.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-October survey for the last five years are: 2002, $1.446; 2001, $1.346; 2000, $1.549; 1999, $1.293; and 1998, $1.066.

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.