AAA Texas: Gas Prices Keep Marching Lower

    HOUSTON--May 16, 2003--Despite expectations of a bottoming out of Texas gasoline prices, gas continued its downward march for the eighth straight week, according to the Weekend Gas Watch, compiled by AAA Texas. Ample supplies of gas, caused by imports, are the primary reason for continuing lower pump prices. The Weekend Gas Watch monitors the average price of gasoline at popular destinations for motoring trips.
    The statewide average price for a gallon of regular unleaded self-serve is $1.383 which is 2.3 cents lower than last week's level, 11 cents below the price last month and 3 cents higher than last year. Of the major metropolitan areas in Texas, Dallas had the highest price with an average of 1.415 per gallon, while motorists in Corpus Christi have the lowest price of $1.255.
    "The downward trend in gasoline prices has continued despite the fact that dealer profits remain thin across the state," said Carol Thorp, spokesperson for AAA Texas. "Imports from Canada, Venezuela and Europe have increased supply, so there appears to be a little more downward room in our current prices."

    Average prices as of 12:01 a.m., May 16, 2003:

Area                         Regular      Change         Record Price
----                         -------      ------         ------------
Austin-San Marcos            $1.314     -2.7 cents    $1.580 (3/19/03)

Corpus Christi               $1.255     -2.9 cents    $1.590 (2/20/03)

Dallas                       $1.415     -2.5 cents    $1.666 (5/12/01)

Fort Worth                   $1.396     -2.2 cents    $1.660 (5/22/01)

Houston                      $1.374     -2.4 cents    $1.639 (5/12/01)

San Antonio                  $1.321     -3.0 cents    $1.582 (3/18/03)