National Average Gas Price Moves Toward $2 Per Gallon as Oil Hits $54 Per Barrel, AAA Says

ORLANDO, Fla.--Oct. 1, 20042, 2004--The national average price of self-serve regular gasoline is up 13.1 cents since mid-September to $1.972 per gallon, AAA's daily, online Fuel Gauge Report (http://www.fuelgaugereport.com) shows. The escalating gasoline price reflects sharply higher crude oil prices which topped $54 per barrel today, the nation's largest organization for motorists said.

The price of both gasoline and crude oil are higher partly due to the lingering effects of Hurricane Ivan which temporarily shutdown or damaged oil rigs and terminals along the Gulf coast last month. Oil production has yet to return to normal levels there.

AAA said during the last month prices increased most in the Great Lakes region, up an average of 15.1 cents to $2.005 per gallon. Prices increased an average of 13.6 cents in the Southeast to $1.932 per gallon, and prices rose an average 12.5 cents per gallon to $1.946 in the Midwest during the period. All three regions are heavily dependent on oil that is shipped into Gulf ports in Texas and Louisiana for refining and distribution by barges and pipelines.

Prices were up an average of 12.8 cents in the Southwest to $1.932 per gallon. In the Mid-Atlantic region, prices increased 10.6 cents to average $1.958. In New England, prices rose 9.4 cents per gallon to average $1.989. The West experienced the smallest price increase; a rise of 6.6 cents per gallon to $2.033.

Nationwide, the price of self-serve, mid-grade averages $2.094 per gallon, an increase of 14.2 cents per gallon since last month, and 43.2 cents per gallon higher than last year. Self-serve premium averages $2.17 per gallon, up 14.6 cents since mid-September and 44.9 cents higher than one year ago. The price of self-serve regular is 41.1 cents higher than one year ago.

Average regional prices for self-serve regular in mid-October of last year were: West, $1.596; Great Lakes, $1.407; New England, $1.583; Mid-Atlantic, $1.499; Southwest, $1375; Midwest, $1.393; and Southeast, $1.30.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-October survey for the last five years are: 2003, $1.561; 2002, $1.448; 2001, $1.346; 2000, $1.549; and 1999, 1.293 cents.

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 current and complete public source of fuel price information.

As the nation's largest motoring and leisure travel organization, AAA provides more than 47 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.