Increases Slow as Gas Prices Near Records, Says AAA Texas

HOUSTON--Oct. 22, 2004--Pump prices are continuing their upward spiral, but the increases are slowing and average prices still fall short of the records reached near Memorial Day, according to AAA Texas Weekend Gas Watch.

The national average for regular unleaded self-serve gasoline reached more than $2 a gallon this week -- the second time this year that has occurred. National prices are still 3 cents short of the all-time price record of $2.054 set May 26. The Texas average for a gallon of regular self-serve is $1.903, up 2.5 cents since last week and closing in on the all-time record price of $1.927. The state average is 47.1 cents higher than last year.

If price increases continue in the coming days as expected, several Texas metropolitan areas will likely set new price records. The Austin-San Marcos area, where prices average $1.917 a gallon, and the Houston area, with an average of $1.89, are both within two cents of breaking their previous price records set in May and June.

"Crude oil prices have remained high amid continuing concerns about supply," said Rose Rougeau, spokesperson for AAA Texas. "Until those concerns are resolved, drivers can expect continued increases in gas prices."

AAA Texas' Weekend Gas Watch monitors the average price of gasoline at popular destinations for automobile trips.

Average Daily Prices as of 12:01 a.m., Oct. 2, 20041, 2004:

                                                          Last Year's
Area               Current   Change       Record Price       Price
-----------------  ------- ----------   ----------------- -----------
National           $2.019  +3 cents     $2.054 (05/26/04)   $1.567
State              $1.903  +2.5 cents   $1.927 (05/26/04)   $1.432
Austin-San Marcos  $1.917  +3.7 cents   $1.929 (05/27/04)   $1.401
Beaumont           $1.868  +2.1 cents   $1.903 (06/01/04)   $1.425
Corpus Christi     $1.873  +2.0 cents   $1.925 (05/26/04)   $1.361
Dallas             $1.907  +2.1 cents   $1.932 (05/27/04)   $1.448
Ft. Worth          $1.893  +2.1 cents   $1.924 (05/28/04)   $1.427
Galveston-Texas
 City              $1.887  +2.5 cents   $1.922 (06/01/04)   $1.435
Houston            $1.890  +3.3 cents   $1.909 (06/01/04)   $1.420
San Antonio        $1.915  +3.2 cents   $1.952 (05/26/04)   $1.374

AAA Texas, an affiliate of AAA National, has been serving Texans since 1902. Today, more than a million AAA Texas members benefit from the organization's roadside assistance service, travel agency, financial products, insurance products and services, automotive pricing, buying and financing, trip planning services and traffic safety programs. Information about these products and services is available on AAA Texas' Web site at www.aaa-texas.com.