Nationwide Gas Price Shattering Records, Topping $1.54 Per Gallon

15 March 2000

Nationwide Gas Price Shattering Records, Topping $1.54 Per Gallon

    ORLANDO, Fla.--March 14, 2000--Gasoline prices are breaking records nationwide, reaching their highest level ever in the United States this month and registering their biggest 12-month increase in history, AAA said today.
    AAA's March Fuel Gauge Report shows self-serve regular unleaded gasoline averages $1.543 per gallon nationwide. The next highest price ever recorded by AAA was $1.388 per gallon in April 1981.
    The average price of regular is up 17.6 cents per gallon since Feb. 15. Prices have increased 57.3 cents since last March when the nationwide price was .97 cents per gallon. This is the widest nationwide swing in prices ever experienced in the United States.
    Gasoline prices have risen to unprecedented levels due to an oil squeeze announced by the Organization of Petroleum Exporting Countries last March that reduced production by 4 million barrels per day. AAA is hopeful OPEC will agree to boost oil production by at least 2.5 million barrels per day at its March 27 meeting in Vienna.
    Self-serve mid-grade now averages $1.632 per gallon, up 17 cents from February. Self-serve premium averages $1.698, rising 17.6 cents in four weeks.
    Self-serve regular unleaded is most expensive in the West at $1.607 per gallon, up 18.5 cents from last month. It is least expensive in the Southeast at $1.494, 18.4 cents higher than last month. One year ago the average price of self-serve regular unleaded in the West was $1.104 while in the Southeast it was 89.6 cents.
    Other regional prices for self-serve regular unleaded are: New England, $1.563 per gallon, 16.3 cents higher than last month and 58 cents more than a year ago; Mid-Atlantic, $1.528, up 17.5 cents since last month and 58.4 cents higher than last year; Great Lakes, $1.56, up 17 cents from last month and 60.6 cents above last year; Midwest, $1.519, up 16.1 cents from January and 59.6 cents higher than a year ago; and Southwest, $1.499, 18.1 cents higher than last month and 56 cents above last year.
    The national average prices for self-serve regular unleaded gasoline for the last six months were: February, 1.367 per gallon; January, $1.289 per gallon, December, $1.31; November, $1.282; October, $1.293; and September, $1.282.
    The national average prices for March in the last nine years were: 1999, .97 cents per gallon; 1998, $1.081; 1997, $1.271; 1996, $1.18; 1995, $1.116; 1994, $1.065; 1993, $1.11; 1992, $1.049; 1991, $1.10.
    AAA's Fuel Gauge Report is based on data from Oil Price Information Service - the nation's most comprehensive source of petroleum pricing information (800-929-4824, ext. 2645).

    AAA news releases can be downloaded from http://www.aaa.com/news