Stable Oil Prices Push Gasoline Prices Down; AAA Texas Monthly Fuel Gauge Report

    HOUSTON--May 13, 2003--The average gas price for Texas has dropped 11.4 cents since last month, reflecting a drop in gas and crude oil prices from all-time highs created by international supply concerns and war anxiety, according to the AAA Texas Monthly Fuel Gauge Report.
    Statewide, the average price for a gallon of regular unleaded gasoline is $1.358, making Texas one of about a dozen states in the U.S. with average gas prices below $1.40. Last year at this time, gas prices were averaging $1.356 in Texas.
    Nationally, the average price of gasoline is $1.595, 12 cents lower than last month but nearly 18 cents higher than during April of last year, when the average was $1.418. The reduction over the past month was largely caused by a reduction in crude oil prices after the Iraqi war was completed, Venezuela production increased and domestic inventories began to increase.
    "Crude oil prices have remained in the $25-$28 per barrel range, and that is the key factor for the current gasoline price decrease," said spokesperson Carol Thorp. "As long as oil prices stay in the same range and Texas gasoline inventories continue to rise, summertime motorists should benefit from lower prices."
    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 Texas, an affiliate of AAA National, has been serving Texans since 1902. Today, more than a million AAA Texas members benefit by the organization's roadside assistance service, insurance and financial products, travel agency, 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.

                  AAA TEXAS FUEL GAUGE MONTHLY REPORT
             AVERAGE PRICE OF SELF-SERVE REGULAR GASOLINE

                                                    Last
City               State            Price           Month
----               -----            -----           -----
Abilene             TX              1.444           1.553
Amarillo            TX              1.348           1.398
Austin              TX              1.313            1.45
Beaumont            TX              1.383           1.481
Brownsville         TX              1.297           1.445
Corpus Christi      TX              1.242           1.408
Dallas              TX              1.431           1.538
El Paso             TX              1.416           1.505
Fort Worth          TX              1.398           1.511
Houston             TX              1.385            1.51
Laredo              TX              1.264           1.416
Longview            TX              1.329           1.456
Lubbock             TX              1.371           1.413
Midland             TX              1.392           1.496
Odessa              TX              1.393           1.498
San Antonio         TX              1.324           1.463
Waco                TX              1.361           1.489