Average Gas Price Falls to Lowest Level since Mid-July, AAA's Fuel Gauge Report Shows

ORLANDO, Fla.--Nov. 1, 20032, 2003--The nationwide average price of self-serve regular gasoline has fallen to its lowest level since mid-July of this year. Today's price of $1.504 per gallon for self-serve regular gasoline matches the same price recorded by AAA's daily, online Fuel Gauge Report (www.fuelgaugereport.com) on July 17, and is a drop of 5.6 cents since mid-October when the average price was $1.561 per gallon.

Gasoline reached a record high price of $1.737 per gallon over the Labor Day weekend this year. Today's price is 23.3 cents lower than at that time, but is 3.9 cents per gallon higher than one year ago when the average price was $1.465 per gallon.

Prices have been moving lower due to improving gasoline inventories, lower seasonal demand for gasoline, and the expiration of summer fuel requirements in many locations. Summer grade fuel is more expensive to produce then winter gasoline and many areas require a specialized fuel during the summer months to meet clean air rules.

Since mid-October, gasoline prices have declined an average 4.3 cents per gallon in the Western states to $1.618 per gallon. Prices are down 4.8 cents per gallon in the Southwest to $1.455. Gasoline prices decreased an average of 3.1 cents per gallon in the Southeast to $1.405 per gallon, and are down an average 2.4 cents in the Midwest to $1.494 per gallon.

In New England, the average price has dropped an average 7.7 cents to $1.601. In the Mid-Atlantic states prices are down 6 cents since the middle of last month to average $1.545 per gallon.

Nationwide, the price of self-serve, mid-grade averages $1.598, a decrease of 5.9 cents per gallon since last month, but 4.3 cents higher than last year. Self-serve premium averages $1.655 per gallon, down 6.2 cents since mid-October, but 4.4 cents higher than last year.

Average regional prices for self-serve regular in mid-November of last year were: West, $1.524; Great Lakes, $1.502; New England, $1.493; Mid-Atlantic, $1.403; Southwest, $1.416; Midwest, $1.47; and Southeast, $1.403.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-November survey for the last five years are: 2002, $1.465; 2001, $1.206; 2000, $1.547; 1999, $1.282; and 1998, $1.055.

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: www.aaa.com.