AAA Reports National Gas Prices Set New Record High

MINNEAPOLIS, April 13 -- With the price of crude oil staying above $37 per barrel this week, retail gasoline prices are continuing their upward march. The nationwide average price of self-serve regular gasoline currently is $1.78 per gallon, the highest national average gasoline price on record, and 17.8 cents per gallon higher than it was one year ago when the price was $1.602.

Much of the cause for today's high gasoline prices can be traced to OPEC's oil production cutbacks in March and April, rising demand for gasoline as the U.S. economy improves and the summer driving season approaches, and the nation's complex system of local clean gasoline regulations that continue to crimp supply lines each spring and summer.

"In addition, our pump prices are rising against a backdrop of escalating hostilities in Iraq," said Dawn Duffy, AAA spokesperson. "Fighting in that country is worrisome to oil markets because it could be a precursor to disrupted oil production there."

Reports for April 13, 2004, reflect the following average prices per gallon for self-serve, regular unleaded gas:

                                   Current        Month Ago     Year Ago
  National                          $1.78           $1.72         $1.60
  Iowa                              $1.71           $1.67         $1.50
  Cedar Rapids                      $1.71           $1.64         $1.48
  Davenport/Moline/Rock Island      $1.73           $1.67         $1.51
  Des Moines                        $1.68           $1.68         $1.51
  Sioux City                        $1.70           $1.67         $1.49
  Waterloo/Cedar Falls              $1.67           $1.64         $1.48

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, with 4.1 million members in eight Midwest states.