AAA Reports National Gas Prices Nearing Record Levels

MINNEAPOLIS, March 11 -- Recent cold weather, low gas inventories, high crude oil prices (approximately $37/barrel) and continuing industry concern about a possible war with Iraq have caused the nationwide average price of self-serve, regular unleaded gasoline -- currently at $1.702/gallon -- to near the highest price ever recorded by AAA's Fuel Gauge Report. AAA has monitored pump prices since mid-1974 and recorded a national high average price of $1.718/gallon on May 15, 2001.

"In this current high gasoline price environment, it is important to shop aggressively for the best prices, look for ways to cut down on fuel consumption and keep vehicles properly maintained to increase fuel economy," said Dawn Duffy, AAA spokesperson. "Motorists also should resist the urge to immediately buy gas following a possible declaration of war on Iraq or the commission of a terrorist act, because 'panic buying' and long gas lines have the potential of causing needless fuel shortages."

Reports for March 11, 2003, reflect the following average prices per gallon for self-serve, regular unleaded gas:

                                  Current         Month Ago      Year Ago
   National                         $1.70           $1.57         $1.18
   Iowa                             $1.65           $1.54         $1.20
   Cedar Rapids                     $1.64           $1.59         $1.19
   Davenport/Moline/Rock Island     $1.69           $1.61         $1.21
   Des Moines                       $1.67           $1.58         $1.20
   Sioux City                       $1.62           $1.54         $1.19
   Waterloo/Cedar Falls             $1.59           $1.53         $1.19

AAA's Fuel Gauge Report is based upon data from the Oil Price Information Service, the nation's most comprehensive source of petroleum pricing statistics.

AAA offers automotive, travel, insurance and financial services to more than 45 million members in the United States and Canada. AAA Minnesota/Iowa is part of The Auto Club Group, which has 4.1 million members in eight Midwest states.