AAA Reports Gas Prices are Highest in Five Months

    ORLANDO, Fla.--March 12, 2002--Gasoline prices have increased 9.5 cents per gallon nationwide in the last month to average $1.215 per gallon, AAA's Fuel Gauge Report shows (http://www.fuelgaugereport.com).
    That's the most expensive nationwide price since last November with most of the increase occurring in the last two weeks, AAA said.
    The price of self-serve regular gasoline has not been this high since Nov. 8, when the national average price was $1.217.
    The rapid run-up in gasoline prices seems to have been triggered by government announcements that the United States is no longer in recession and industry predictions that some blends of reformulated gasoline -- not required at gas pumps until June 1 -- may be in short supply again this summer.
    Middle East tension also has pushed crude oil prices to near $24 per barrel. This price is well below the $28 per barrel price of one year ago, however.
    The nationwide average price of self-serve regular gasoline was $1.12 per gallon one month ago. One year ago the nationwide average price was $1.436.
    Gas prices in the Great Lakes states and Midwest have increased the most, up 14.9 cents per gallon and 11.7 cents per gallon, respectively to $1.261 per gallon and $1.232 per gallon. The average gasoline price is up 11 cents in the West to $1.299.
    Prices in the Southwest are up an average 8.1 cents to $1.178 per gallon and prices are 7.6 cents higher in the Southeast to $1.15 per gallon.
    Prices are up an average 4.9 cents in the Mid-Atlantic region to $1.169. In the New England prices have increased an average 3.5 cents per gallon to $1.207.
    Nationwide, the price of self-serve, mid-grade averages $1.29, an increase of 10.1 cents per gallon, but 23.4 cents less expensive than last year.
    Self-serve premium averages $1.336 per gallon, up 10.4 cents since mid-February, and 24.4 cents lower than one year ago.
    Average regional gasoline prices in March of last year were: West, $1.60; New England, $1.50; Mid-Atlantic, $1.452; Great Lakes, $1.388; Southwest, $1.396; Midwest, $1.41; and Southeast, $1.379.
    The national average prices for self-serve regular unleaded gasoline for AAA's March survey for the last five years were: 2001, $1.436; 2000, $1.543; 1999, $0.97; 1998, $1.081; and 1997, $1.271.
    AAA's Fuel Gauge Report is based on data from Oil Price Information Service -- the nation's most comprehensive source of petroleum pricing information.
    As the nation's largest motoring and leisure travel organization, AAA provides its nearly 45 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.

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