Regional Gas Prices Hit 4-Year Low, Says AAA

21 October 1998

Regional Gas Prices Hit 4-Year Low, Says AAA; Prices 26 Cents Lower Than One Year Ago

    SAN FRANCISCO--Oct. 20, 1998--Northern California gas prices hit a four-and-a-half year low after falling 2 cents in a month, AAA reported today.
    "Retail gasoline averages $1.20 a gallon for regular unleaded self-serve in Northern California," said AAA spokesman Paul Moreno. "For most of the past year, gas prices have been on a downward trend. Now gas prices are at their lowest point since May, 1994, when the regional average was $1.19."
    The San Francisco Bay Area average dropped 3 cents to $1.23, which remains 16 cents higher than the national average of $1.07, according to AAA's survey of more than 400 gasoline retailers in Northern California, Nevada and Utah.
    Retail gasoline prices have fallen steadily this year as crude oil prices plunged by more than one-third, which analysts attribute to worldwide overproduction of oil. Prices have dipped further because demand is lower now that the summer driving season ended, analysts say.
    "Crude prices are stable and oil inventories remain higher than last year at this time," said Alan Kovski of The Oil Daily, a Washington, D.C.-based newsletter.


AAA Gas Survey (Northern California)     October 20, 1998
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	    In Northern California, local averages for regular unleaded
self-serve gasoline (since September 22) are:

-Chico, $1.15 (unchanged)         -Concord, $1.16 (down 4 cents)      
-Eureka, $1.27 (unchanged)        -Fresno, $1.11 (down 2 cents)       
-Lake Tahoe, $1.26 (up a penny)   -Modesto, $1.06 (down a nickel)     
-Monterey, $1.23 (down 3 cents)   -Oakland, $1.22 (down 3 cents)      
-Redding,$1.20 (unchanged)        -Sacramento, $1.13 (down 4 cents)   
-Salinas, $1.19 (unchanged)       -San Francisco, $1.30 (down 4 cents)
-San Jose, $1.19 (down 4 cents)   -San Mateo, $1.24 (down 4 cents)    
-San Rafael, $1.21 (down a nickel)-Santa Cruz, $1.22 (down a penny)   
-Santa Rosa, $1.15 (down a penny) -Stockton, $1.09 (down 4 cents)

    Since last month, Nevada gas prices are unchanged at $1.20 a gallon. In Utah, prices are also unchanged at $1.12 a gallon in the same period, according to AAA's survey.
    Established more than 90 years ago, the AAA affiliate of Northern California, Nevada and Utah offers a wide array of automotive, insurance, travel and financial services. It is the second largest regional affiliate of the national AAA organization.
    Note to Editors: A chart showing 12 months of city averages is available, as are additional city averages.