U.S. Gas Prices Rebound Higher as Crude Oil Hovers at $55 Per Barrel, AAA Reports

ORLANDO, Fla.--June 20, 2005--Crude oil prices which had fallen below $50 per barrel in late May, surged higher in June lifting the nationwide average price of gasoline to $2.133 per gallon as of today, AAA's daily, online Fuel Gauge Report, http://www.fuelgaugereport.com, shows.

The nation's largest organization for motorists said the nationwide average price of self-serve regular gasoline had declined to less than $2.10 cents per gallon as of June 1, but began increasing again as crude oil prices rose. Today's average price is 14.3 cents per gallon below the all-time high price of $2.276 per gallon reached on April 11 of this year.

AAA, which monitors national, state and local gasoline prices as a public service, said the stubbornly high cost of crude oil - trading at approximately $55 per barrel today -- means U.S. motorists will probably continue paying an average gasoline price in excess of $2 per gallon this summer.

One year ago the average price of self-serve regular gasoline was $1.994 per gallon, or 13.9 cents per gallon less expensive than today. Five years ago the price was $1.664 per gallon; 46.9 cents per gallon less expensive.

Since the middle of May when AAA issued its most recent monthly news release on gas prices, the average cost of gasoline has declined. During that time period, the Midwest was the only region of the country to see a rise in the average cost of fuel. Prices increased 1.7 cent per gallon in the region since mid-May to $2.092 per gallon.

Prices dropped most dramatically in the West during the last month, where the average cost of gasoline fell 20.3 cents per gallon to $2.251 per gallon. The average price fell 3.4 cents per gallon in New England to $2.149 per gallon. In the Southeast prices are 2.9 cents lower than in mid-May at $2.037 per gallon. Prices fell 2.2 cents per gallon to $2.106 per gallon in the Southwest. Prices are 1.1 cent lower in the Mid-Atlantic region to $2.134 per gallon. In the Great Lakes states, prices are .02 cent per gallon lower at $2.127.

Nationwide, the price of self-serve, mid-grade averages $2.264 per gallon, a decline of 4.3 cents since the middle of last month, and 14.7 cents higher than one year ago. Self-serve premium averages $2.346 per gallon, down 4.5 cents since mid-May, but 15.2 cents higher than one year ago.

Average regional prices for self-serve regular in mid-June of last year were: Great Lakes, $1.952; New England, $2.078; West, $2.109; Mid-Atlantic, $2.006; Midwest, $1.899; Southwest, $1.916; and Southeast, $1.881.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-June survey for the last five years are: 2004, $1.994; 2003, $1.514; 2002, $1.386; 2001, $1.661; and 2000, $1.664.

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 current and complete public source of fuel price information.

As the nation's largest motoring and leisure travel organization, AAA provides more than 48 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.