Average Gas Prices Rise 6.3 Cents Since Mid-July, AAA Reports

ORLANDO, Fla.--Aug. 1, 20032, 2003--The average price of self-serve regular gasoline has increased 6.3 cents since mid-July to $1.566 cents per gallon, according to AAA's daily online Fuel Gauge Report (www.fuelgaugereport.com).

This is the highest mid-August average recorded by AAA, topping the $1.496 average of mid-August 2000.

The price rise comes after three months of relative price stability, when average prices hovered around $1.50 per gallon.

Higher crude oil prices -- currently around $32 per barrel -- and U.S. wholesale gasoline prices that remain high due primarily to low inventories of gasoline and increased fuel demand from summer vacationers are the main reasons for the price jump.

One year ago the nationwide average price of self-serve regular was $1.404 per gallon, 16.2 cents lower than the current average.

AAA encourages vacationers and other motorists to shop aggressively for the best price on gasoline, look for ways to cut down on fuel consumption, and keep their vehicles properly maintained to increase fuel economy.

Since mid-July, gasoline prices have increased an average of 3.7 cents per gallon in the West to $1.712 per gallon. Average gas prices rose 8.6 cents per gallon in the Midwest to $1.586 per gallon. Prices have climbed 7 cents in the Great Lakes region to $1.607 per gallon, and moved 4.5 cents higher in the Southeast to $1.486 per gallon.

Gasoline prices are up 5.5 cents in the Southwest to $1.546 per gallon. In the Mid-Atlantic region, gasoline averages $1.531 per gallon, an increase of 4.4 cents per gallon from one month ago. New England gasoline prices are up 4.6 cents per gallon since mid-July to average $1.571 per gallon.

Nationwide, the price of self-serve, mid-grade averages $1.663, an increase of 6.8 cents per gallon since last month, and 17.3 cents higher than last year. Self-serve premium averages $1.723 per gallon, up 7 cents since mid-July, and 17.9 cents higher than last year.

Average regional prices for self-serve regular in mid-August of last year were: West, $1.531; New England, $1.448; Mid-Atlantic, $1.412; Southwest, $1.364; Great Lakes, $1.415; Midwest, $1.412; and Southeast, $1.321.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-August survey for the last five years are: 2002, $1.404; 2001, $1.387; 2000, $1.496; 1999, $1.255; and 1998, $1.075.

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: http://www.aaa.com.