AAA Texas: Weekend Gas Watch; Record High Oil & Gas Prices

HOUSTON--Aug. 2, 20056, 2005--Crude oil hit an all-time record high on Thursday due to fears of supply disruptions because of Hurricane Katrina -- a record that may force retail gas prices even higher, according to AAA Texas' Weekend Gas Watch.

The Texas average price for regular self-serve rose two cents this week to $2.555 a gallon -- that's 65.9 cents higher than last year's average. Last week, the statewide average posted its highest ever weekly increase of 22 cents.

Beaumont is the only city surveyed that posted a decrease this week -- down a penny to $2.508 a gallon.

"Although it is expected that Hurricane Katrina will miss the rigs in the Gulf of Mexico, speculators pushed crude prices to a new all-time high -- $67.49 a barrel," said Rose Rougeau, spokesperson for AAA Texas. "It appears the threat of the hurricane is magnified due to supply concerns in an already tight market. With the price of crude setting new records and the approach of the Labor Day Holiday weekend, consumers should brace themselves for more price hikes at the pumps."

The national average for regular self-serve gasoline showed about a two cents weekly increase to $2.603 a gallon, that's a penny less than the all-time record high of $2.614 set on August 22nd.

AAA Texas' Weekend Gas Watch monitors the average price of gasoline at popular destinations for automobile trips.

Average Daily Prices as of 12:01 A.M., August 26, 2005:

                             Weekly               Weekly
      Area        8/26/05    Change    8/19/05    Change     8/12/05
----------------- -------- ----------- -------- ------------ --------
National           $2.603  +1.7 cents   $2.586  +18.9 cents   $2.397
State              $2.555  +1.9 cents   $2.536  +22.0 cents   $2.316
Austin-San Marcos  $2.504  +2.1 cents   $2.483  +20.7 cents   $2.276
Beaumont           $2.508  -1.2 cents   $2.520  +23.9 cents   $2.281
Corpus Christi     $2.493  +1.9 cents   $2.474  +19.3 cents   $2.281
Dallas             $2.619  +1.9 cents   $2.600  +23.9 cents   $2.361
Ft. Worth          $2.607  +2.0 cents   $2.587  +24.2 cents   $2.345
Galveston-Texas
 City              $2.584  +0.3 cent    $2.581  +24.6 cents   $2.335
Houston            $2.571  +0.9 cent    $2.562  +24.2 cents   $2.320
San Antonio        $2.476  +1.2 cents   $2.464  +19.9 cents   $2.265


      Area        New Record Price    2004 Average
----------------- ----------------- -----------------
National           $2.614 (8/22/05)      $1.878
State              $2.563 (8/22/05)      $1.796
Austin-San Marcos  $2.511 (8/23/05)      $1.766
Beaumont           $2.536 (8/19/05)      $1.763
Corpus Christi     $2.503 (8/21/05)      $1.759
Dallas             $2.626 (8/22/05)      $1.810
Ft. Worth          $2.617 (8/21/05)      $1.802
Galveston-Texas
 City              $2.600 (8/23/05)      $1.770
Houston            $2.584 (8/21/05)      $1.767
San Antonio        $2.483 (8/21/05)      $1.757