Gas prices going down

[Drag]

The Daily Auto Insider
Wednesday, September 17, 2003
September 2003


After reaching a new record high price of $1.737 per gallon on August 30, the nationwide average price of self-serve regular gasoline has begun to decline and now averages $1.687 per gallon, according to AAA's daily online Fuel Gauge Report.

Still, the current nationwide average price remains 10 cents per gallon higher than one month ago, when the price was $1.587 per gallon.

Prices moved sharply higher at the end of August due to higher crude oil prices, rising demand for gasoline, a drop in gasoline imports and a series of problems with domestic gasoline refineries and a pipeline break, the AAA said.

One year ago the nationwide average price of self-serve regular was $1.402 per gallon, 28.5 cents lower than the current average.

Since mid-August, gasoline prices have jumped 19.8 cents per gallon in New England to $1.769 per gallon. Prices are up 15.5 cents per gallon in the Mid-Atlantic region to average $1.686. Gasoline prices increased an average of 11.4 cents per gallon in the West and Great Lakes regions to $1.826 per gallon and $1.721 per gallon, respectively. In the Southwest, prices increased 8.1 cents per gallon since the middle of last month to average $1.627. Prices are 6.5 cents per gallon higher in the Southeast to average $1.551, and 4.1 cents higher in the Midwest to average $1.627 per gallon.

Nationwide, the price of self-serve mid-grade averages $1.792, an increase of 10.8 cents per gallon since last month, and 30.4 cents higher than last year. Self-serve premium averages $1.856 per gallon, up 11.1 cents since mid-August, and 31.4 cents higher than last year.

Average regional prices for self-serve regular in mid-September of last year were: West, $1.527; New England, $1.452; Great Lakes, $1.437; Mid-Atlantic, $1.412; Midwest, $1.40; Southwest, $1.37; and Southeast, $1.328.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-September survey for the last five years are: 2002, $1.402; 2001, $1.537; 2000, $1.58; 1999, $1.282; and 1998, $1.057.

AAA's Fuel Gauge Report is based on data from Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information, the organization said. AAA purchases the data and makes it available free on the Internet as a public service.



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