U.S. Within a Penny of Setting New Record High Gas Price, AAA Fuel Gauge Report Shows

ORLANDO, Fla.--March 15, 2005--The previous all-time record high average price for self-serve regular gasoline is within a penny of being broken, according to AAA's daily, online Fuel Gauge Report (http://www.fuelgaugereport.com).

AAA, which monitors national, state and local gasoline prices as a public service, said today's price of $2.048 per gallon compares to the record high price of $2.054 set last year on May 26, 2005.

Most consumers have been preparing for the inevitability of higher gasoline prices for sometime, AAA said. With crude oil prices well above $50 per barrel and the now traditional spring increase in pump prices underway, Americans are begrudgingly spending more money than ever before at the nation's filling stations.

The seemingly ever increasing cost of gasoline is a hardship for many motorists, AAA observed, especially those at the lower end of the economic scale who may also have difficulty affording a switch to a more fuel-efficient vehicle. The nation's largest organization for vehicle owners' called on those who can make a change to vehicles achieving better fuel economy, to do so when they replace their existing car or truck as the most effective way to save money on fuel expenses.

One year ago the average price of self-serve regular gasoline was $1.722 per gallon. Five years ago the price was $1.543 per gallon; 50 cents per gallon less expensive.

Prices have increased 15.8 cents per gallon since the middle of February. The West experienced the biggest increase during the last month, with prices up an average of 30.9 cents per gallon to average $2.224. The average price increased in the Great Lakes states by 19.1 cents to $2.10 per gallon. The average price increased 17.1 cents in the Southwest to $2.014 per gallon.

Prices are 16.7 cents higher in the Midwest, averaging $2.054. In the Southeast prices have climbed 15.5 cents to average $1.978 per gallon. Gas prices average 11 cents higher in the Mid-Atlantic region since mid-February and now cost $2.019. In New England, prices are up 8.6 cents per gallon to average $1.743.

Nationwide, the price of self-serve, mid-grade averages $2.174 per gallon, an increase of 16.7 cents per gallon since last month, and 34.6 cents higher than one year ago. Self-serve premium averages $2.254 per gallon, up 17.4 cents since mid-February and 36 cents higher than one year ago.

Average regional prices for self-serve regular in mid-March of last year were: Great Lakes, $1.689; New England, $1.743; West, $1.966; Mid-Atlantic, $1.705; Midwest, $1.683; Southwest, $1.676; and Southeast, $1.622.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-March survey for the last five years are: 2004, $1.722; 2003, $1.702; 2002, $1.215; 2001, $1.435; and 2000, $1.543.

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.