Posts Tagged ‘Oil Prices’

Washington, D.C., (March 23, 2012) – With prices climbing more than 60 cents a gallon since January 1, President Barack Obama discussed energy and rising gas prices—a top-of-mind issue for motorists across the country including AAA’s more than 53 million members—in a meeting with AAA yesterday.

Following his speech on energy issues in Cushing, Oklahoma, the President spoke to a representative of the nation’s largest auto club that serves one-in-four American households.

As an advocate of motorists nationwide, AAA asked the President questions likely to be foremost in the minds of drivers feeling the pain at the pump.

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When asked by AAA to comment on the frustration and confusion that U.S motorists are experiencing with rising gas prices, the President said, “I understand what folks are going through because it wasn’t that long ago that I was having to fill up my gas tank and drive to work, shuttle the kids back and forth to school or events. It takes a big bite out of folks’ paychecks.”  The President went on to say that the U.S. has experienced cyclical gas prices for decades and stressed the importance of America having more control over its own energy security.

AAA also inquired about the role of the President in addressing prices at the pump given the global forces and political tensions abroad that drive the oil and energy markets.  The President elaborated on points from his earlier speech, saying, “The most important thing I can do as the President is not to simply focus on tomorrow.  It’s focusing on getting America properly aimed toward our goal of continuing to reduce our dependence on foreign oil.”  The President also highlighted the importance of maintaining growth and productivity while further reducing U.S. oil consumption.  Mr. Obama noted that pressure on oil prices in the coming two decades will be difficult to reverse.

Even as a 110-year old organization whose origins date to the earliest days of the motor vehicle, AAA continues to explore new vehicle technologies to offer enhanced and improved services to members. Responding to member interest, AAA began testing a roadside service vehicle capable of providing charging assistance to electric vehicles.

As to public acceptance of new technologies, the President said, “People need to feel confident that when they get into an electric car they’re not going to get stuck. To the extent that we start having both more efficient batteries and distribution capacity, people can feel confident that they’re never going to get stuck, or at least not any more stuck than they do when they forget to fill up and then call AAA.”

The President also shared insight about the role of alternative-fuel vehicles as a possible solution to current high fuel costs.  Mr. Obama noted that fuel efficiency standards for cars and trucks have doubled, which will result in fewer trips to the gas station and a savings for the average family of about $8,000 over the life of the car. As to the future, Mr. Obama is optimistic. “If we unleash American creativity, if we properly incentivize people to think about fuel economy as part of overall design, Americans can make great cars.”

While Mr. Obama is no longer able to do his own driving, AAA couldn’t pass up the opportunity to ask President Obama about his first car.  Noting he had been a AAA member for years , he said, “I have to confess, my first car was my grandfather’s car, which was a Ford Granada. It rattled and it shook, and I don’t think the girls were particularly impressed when I came to pick them up in a Ford Granada.  But you know what?  It moved, and so I have fond memories of the fact that it got me to where I needed to go.”

AAA is a non-partisan organization providing unbiased reporting of gas prices through its popular weekly Fuel Gauge Report, and supports the national dialogue on gas prices by offering objective and accurate perspective to the media and motorists year-round.

As North America’s largest motoring and leisure travel organization, AAA provides more than 53 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 AAA.com.

 

Full Transcript:

AAA EXCLUSIVE INTERVIEW WITH PRESIDENT BARACK OBAMA (Cushing, Oklahoma – March 22, 2012) 

President Obama sat for an exclusive interview with Yolanda Cade, AAA’s managing director of public relations, in Cushing, Oklahoma to speak directly to AAA’s 53 million members on the topic of high gasoline prices. 

 AAA: As you know, AAA proudly serves 53 million members, many of them, like most Americans are confused and they’re frustrated about the rising gas prices. So what would you say to drivers that are feeling that pain in the pocketbook when they’re filling up at the pump?

President Obama: Well, first of all, I understand what folks are going through, because it wasn’t that long ago that I was having to fill up my gas tank and drive to work, shuttle the kids back and forth to school and their events, and it takes a big bite out of folks’ paychecks. The challenge is that we’ve been going through this kind of cycle of ups and downs in gas prices for decades now.  We don’t have the control over our own energy security the way we need to. And so what we talked about today was an all of the above strategy that involves higher oil production here in the United States but also involves making our cars more fuel efficient, expanding biofuels, using all the resources we can to try to lessen our demand for foreign oil, which makes us less vulnerable to price spikes over the long term.

Right now the key thing that is driving higher gas prices is actually the world’s oil markets and uncertainty about what’s going on in Iran and the Middle East, and that’s adding a $20 or $30 premium to oil prices, and that affects obviously gas prices. What’s also driving it, and this is something that’s not going to reverse, is increasing demand in countries like China and India.  In 2010, for example China added 10 million cars just in that one year. So as more and more people around the world see their standards of living rising, they purchase cars, they have demand for oil, that creates a greater demand worldwide and that raises the price.  That’s why we’ve got to make sure that we don’t just focus on production.  We’ve also got to focus on fuel efficiency; we’ve also got to focus on alternatives.  If we don’t, we’re going to continue to be subject to these kinds of price spikes anytime something happens around the world.

AAA: And just to pick up on that thread, talking about global forces – and you alluded to that today – given the global forces that are driving the oil and energy markets, what is the role of the President, if any, in addressing the price of gasoline that Americans are paying at the pump? 

President Obama: Well, there are a couple of things that we can do right now.  There are some bottlenecks in distribution that we’re trying to impact, and building this pipeline from Cushing down to the Gulf is an example of where you get more oil to refineries faster that can hopefully be distributed more efficiently across the country.  We are looking at making sure that we’re enforcing laws preventing illegal speculation in the oil markets.  That can have some modest impact potentially, if something is going on there that shouldn’t be going on.  But the most important thing I can do as a President is not to simply focus on tomorrow; it’s focusing on getting America properly aiming towards our goal of continuing to reduce our dependence on foreign oil. And we’ve had success over the last three years, we’ve actually seen every year our oil imports decline even as we climbed out of a recession so the economy was growing.  We’ve now doubled fuel efficiency standards on cars and trucks, and by the middle of the next decade we can expect the average car to be getting 55 miles per gallon.  And that’s going to mean you only take one trip to the gas station instead of two, and could end up saving the average family about $8,000 during the life of their car.  That would obviously be a big help.  So, those are the kinds of strategies that I have the most control over, not the day-to-day spikes in the oil market.

AAA: And you talked about the economy, and if I can follow up on that there are signs that the American economy is improving.  Do you have any concerns that the rising gas prices may at some point stifle the recovery?

President Obama: Well we saw that happen last year, where consumer confidence was building and then suddenly pulled back sharply.  People are very sensitive to oil prices.  The one thing that I think is important for us to remind voters, and I know this is a small consolation, but the payroll tax cut that we passed at the beginning of this year and then we’ve now extended to the end of the year, saves the average family about $1,000 a year. And that is helping to buffer some of these rising gas costs.  So some of this we anticipated, and we said to ourselves: that’s part of the reason why we’ve got to make sure we continue to extend this tax cut at least through the end of this year so that we don’t see as much of an impact on what people actually have in their pockets as there would have been if they were socked with both a tax increase and rising gas prices at the same time.

AAA: Mr. President, you’ve advocated increased fuel economy and you talked about the fact that it is really an integral part of the solution to our overall energy needs.  And then today we heard you talk about the importance of infrastructure and continued innovation.  But speaking of balance: how do you effectively balance fuel efficiency and ensure there is appropriate infrastructure and at the same time preserve consumer vehicle choice?

President Obama: Well look, one of the great things we’ve been doing with the auto industry over the last couple of years is not only are we producing more fuel efficient cars, but they’re better cars, more attractive cars, and safer cars.  What we’ve been arguing consistently is that if we unleash American creativity, design, we properly incentivize people to think about fuel economy as part of overall design, Americans can make great cars.  And if you look at the cars that are being built in Detroit right now, they’re getting more gas mileage, they’re safer than they were – they’re not compromising on styling – and part of that is everything from figuring out the aerodynamics, to tire drag, to air conditioning systems that are more efficient.  All those things, all those technological advances, are making a difference and we are continuing to spur advanced technology improvements in our auto vehicles.  That includes conventional cars, but it also includes electric and hybrid cars.

So, I’ll give you a small example.  We’ve recently provided a $4 million grant to a company that it appears may have gotten a breakthrough on battery technology that could actually reduce the cost and expand the power of the batteries that are used in electric cars two-fold.  That could bring down the price point.  That could make the capacity to run further on a single charge much greater.  It could reduce the amount of room that a battery takes up in a car.  So all of that could make a huge difference in terms of us and Detroit being able to produce the very best, most fuel efficient cars in the world.

AAA: And in anticipation of that, at AAA, we’re actually pilot testing delivering energy at the roadside, delivering an electric charge to electric vehicles.  And speaking of American creativity and design ingenuity in electric vehicles, you said that when you leave office, that you will buy and drive a Chevy Volt.  So what role then do you think that electric vehicles and other alternative vehicles help in preventing the kind of gas price fluctuations that we’re now seeing?  What role do you think they’ll play in the future?  Do you think they’ll play an integral role?

President Obama: Look, you identified the big challenge.  That is, people need to feel confident that when they get into an electric car that they’re not going to get stuck because of range anxiety – and so to the extent that we start having both more efficient batteries but also distribution capacity, so that people feel confident that they’re never going to get stuck, or at least not any more stuck than they do when they forget to fill up and then they call AAA.  Then I think that we can see a substantial expansion in the use of electric vehicles over the future, and anything that we’re doing to reduce oil consumption, while maintaining our growth and productivity, that’s all good.  Because frankly, the pressure on oil prices to go up over the coming two decades is going to be very difficult to reverse.  You’ve got hundreds-of-millions of people in China, hundreds-of-millions of people in India, billions of people around the world, who want the same stuff we’ve got.  They aspire to the same standard of living and having a car as we do.  Demand is going to outstrip supply.  We’ve got to come up with new technologies.  That’s what we’re going to be working on.

AAA:  Finally, Mr. President, and we’ve asked this of others in your Administration, tell us, what was your first car and do you have any fond memories of your driving experience that you’d like to share with us?

President Obama:  Well, first of all, I was a AAA member for years, up until they [Secret Service] told me I couldn’t drive anymore.  But I have to confess; my first car was my grandfather’s car, which was a Ford Granada.  Now Ford is doing great now.  The Ford Granada was not the peak of Detroit engineering.  It rattled and it shook, and I don’t think the girls were particularly impressed when I came to pick them up in a Ford Granada.  But you know what?  It moved and so I have fond memories of the fact that it got me to where I needed to go.  That’s about all I can say about the Ford Granada. 

AAA: Thank you, Mr. President, on behalf of our 53 million members.

 

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Motorists Can’t Catch Break as Prices Continue Increase

(WASHINGTON, March 19, 2012) Crude oil prices moved higher today, as West Texas Intermediate (WTI) prices settled up $1.03 per barrel at $108.09 at the close of formal trading on the NYMEX. 

While oil prices for much of 2012 have been driven by global news — geopolitical tension with Iran, sovereign debt concerns in the Euro zone, and signs of economic recovery both domestically and abroad — today’s increase came with little news of this variety and was seen as the product primarily of weakness in the U.S. dollar.

WTI oil prices ultimately ended Friday less than a dollar above last Monday’s close, but this slight increase was only following a turbulent week of trading.  Prices have continued to see upward pressure from data showing a recovering U.S. economy and persisting concerns of a possible global supply disruption surrounding tensions with Iran; however several bearish factors sent prices lower at times last week. 

Strength in the U.S. dollar and a Department of Energy (DOE) report that was deemed unremarkable by traders saw WTI crude prices on Wednesday fall more than a dollar per barrel.  Crude oil, priced in dollars, becomes relatively more expensive as the dollar increases in value.  Oil futures subsequently become a less attractive investment, which exerts downward pressure on prices, as was the case Wednesday.

These losses were reversed early Thursday morning, as crude prices initially turned higher on positive news for the U.S. economy provided by jobless reports from the Department of Labor.  This early momentum was quickly reversed as reports surfaced that the U.S. and United Kingdom had agreed to a coordinated release of oil from the Strategic Petroleum Reserve (SPR) and many traders decided it was time to sell and quickly moved for the exits. 

The SPR — the largest emergency store of crude oil in the world with a capacity of 727 million barrels — was created in 1975 to protect from the impact of energy supply shortages or disruptions.  The Reserve is maintained by the DOE and can be tapped by Presidential order.  Oil was most recently released from the SPR in June of last year as part of a coordinated release with the International Energy Agency to offset the loss of Libyan crude oil from the global market.  Releasing crude oil from the Reserve into the market would be expected to exert downward pressure on crude prices.  These initial reports were, however, denied by U.S. officials who stated that no release from the SPR was imminent.  This saw crude prices tentatively recover most of their losses for the day. 

By the time the market opened on Friday, traders had shifted back to rally mode and returned their focus to the same bullish indicators that have kept upward pressure on crude oil prices in 2012.  WTI crude ended the week at $107.06 per barrel.

With crude oil prices remaining high, motorists across the country have continued to face rising gas prices at the pump.  The current national average price for a gallon of regular self-serve gasoline is $3.84.  This price is four cents more expensive than one week ago, 30 cents more expensive than one month ago, and 29 cents more expensive than one year ago. 

Across the country drivers continue to pay very different prices depending on where they live.  Motorists in seven states and the District of Columbia currently pay an average of more than $4.00 per gallon: Alaska – $4.23, California – $4.35, Connecticut – $4.01, D.C. – $4.07, Hawaii – $4.48, Illinois – $4.16, New York – $4.01, and Washington State – $4.01. While the lowest gas prices in the country are still found in the midcontinent region, led by motorists in Wyoming ($3.43) and Montana ($3.54), the gap between prices in these states and those found in some parts of the southeastern U.S. continues to narrow.

Concerns range from demand destruction to tensions in Iran

(WASHINGTON, March 5, 2012) Crude oil prices showed signs of strength early today — on continued geopolitical tension in the Middle East and oil supply concerns — but by afternoon these gains had all but disappeared as bearish global economic reports weighed on the market. At the close of formal trading on the NYMEX, West Texas Intermediate (WTI) prices were close to flat, up 2 cents per barrel to settle at $106.72.  Following a week that saw crude prices move lower, even as tension with Iran remained a central story, today’s price movement continued to reflect concerns regarding the strength of global economies, especially as high crude prices weigh on global economic outlooks. 

Increased uncertainty of future supply puts upward pressure on the price of crude futures, as has been the case during this run-up to begin 2012.  At the same time, the recent impact of this supply uncertainty has been largely outweighed by demand concerns from lingering sovereign debt worries in Europe and fears of accelerated demand destruction as crude and gasoline prices remain at lofty levels.  In both cases, a weaker global economy is expected to consume less crude oil, which exerts the downward pressure on crude prices that we have seen over the last week.  Adding some upward pressure today, was news of an unexpected delay on one of the Enbridge pipeline’s Midwest oil lines following a vehicle accident that resulted in a fire and spill.  Operations on the line are halted, however the company has stated that they expect a restart on Wednesday evening.  As is the case with global supply concerns, an unanticipated supply and distribution issue, such as this, puts upward pressure on crude prices.

Last week, the AAA Fuel Gauge Report noted the increase in net long positions (contracts speculating that prices will go higher, minus those speculating they’ll go lower) for both WTI and RBOB (wholesale) gasoline futures, which has accompanied the surge in prices. As reported in the Commodity Futures Trading Commission (CFTC) weekly numbers, RBOB gasoline futures two weeks ago were at a then all-time high of 88,204 contracts.  Last week’s report showed this net length widening to set a new record at 92,149. The extent of this speculation and the impact of uncertainty on market prices were in full effect late last Thursday, as reports of a pipeline explosion in Saudi Arabia led to a surge in after-hours prices.  While Saudi officials quickly deemed the report false, causing prices to rapidly return lower, the knee-jerk reaction had many analysts pointing to the level of speculation in the market.

The ultimate result of this speculation has been that the market prices for both crude oil and gasoline have been pressured higher by future uncertainty in the market rather than supply and demand fundamentals. Market historians note that a similar heavy long bias last March came just before a sharp move lower as traders became worried that the market was overbought.

While analysts and traders continue to discuss the level of speculation in the market, motorists across the country face steadily rising gas prices at the pump — albeit with tremendous regional disparity.  The current national average price for a gallon of regular self-serve gasoline is $3.77.  This price is seven cents more expensive than one week ago, 29 cents more expensive than one month ago, and 27 cents more expensive than one year ago.  The national average price of gasoline has now increased or stayed the same for 39 consecutive days.  This is the longest such stretch since prices increased for 44 consecutive days beginning on March 24 of last year and ending on May 5 when prices hit their high for the year at $3.98 per gallon.

While motorists in three states currently pay an average of more than $4.00 per gallon: Hawaii – $4.38, California – $4.34, and Alaska – $4.17.  Those in other states are paying less than $3.25: Wyoming – $3.21 and Colorado – $3.23.

Euro zone debt, tension with Iran affecting markets

WASHINGTON (Jan. 30, 2012) — The price of West Texas Intermediate (WTI) crude oil declined slightly today, falling 78 cents per barrel to settle at $98.78 at the close of formal trading on the NYMEX. This continued a recent trend of low price volatility as competing market factors have largely offset each other. While traders remain focused on euro zone debt concerns and dismal demand numbers, placing downward pressure on oil prices, as well as geopolitical tension with Iran and signs of economic recovery in the U.S., placing upward pressure on prices, the net impact has been the price of crude holding steady in recent weeks. 

Much as WTI crude oil last week continued the recent trend of prices at or near $100 per barrel, so too continued a focus on the same stories that have held traders’ attention to begin 2012: European economic woes, tension with Iran, and historically low domestic demand. Reported concern with Portuguese and Spanish debt drew some headlines early last week but ultimately weren’t assessed as anything more than a continuation of the economic pessimism that has weighed on the European and global economies. This economic uncertainty would be expected to exert downward pressure on prices as a weaker economy demands less crude oil. Geopolitical tensions with Iran and the associated specter of a potential supply disruption does bring expected upward pressure on crude prices, however, action surrounding these tensions continues to be evaluated as “saber rattling.” This assessment was supported by news last Thursday that Iranian President Mahmoud Ahmadinejad had indicated Tehran was ready to return to the negotiating table to discuss that country’s nuclear development program. While concerns of global supply disruption have kept some upward pressure on crude oil prices, supply reports continue to highlight anemic demand and adequate stocks on hand. Last Wednesday’s weekly Department of Energy (DOE) report showed an increase of 3.6 million barrels for crude stocks and gasoline demand at 8.098 million barrels per day — an increase from the previous week’s demand number but a widening year-over-year decrease. 

WTI prices last week spent a full week with settlement prices below $100 per barrel for the first time since before Christmas and marked the least volatile trading week since the end of April 2011 — the same week that crude oil prices reached the peak for 2011 at $113.93 per barrel.

While crude oil prices have held steady, gasoline prices have moved higher. This increase is largely the product of expected refinery shutdowns — both in the U.S. and Europe — as refiners cut production in the face of limited demand for their product.  Last week’s DOE report showed refinery utilization decreasing to 82.2 percent from 83.7 percent the week prior. The current national retail average price for a gallon of self-serve regular gasoline is $3.43.  Today’s price is five cents more expensive than last week, 15 cents more expensive than one month ago, and 33 cents more expensive than one year ago. 

As North America’s largest motoring and leisure travel organization, AAA provides more than 53 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 AAA.com.

Effect of expected refinery shutdowns offset by continuing demand destruction

WASHINGTON (Jan. 23, 2012) — The price of crude oil was up slightly today as West Texas Intermediate (WTI) crude increased by $1.25 to settle at $99.58 at today’s close of formal trading on the NYMEX. Oil markets continue to take direction from euro zone debt concerns and mounting geopolitical tension with Iran. Today brought reports that the European Union (EU) had agreed to an embargo on Iranian crude oil. This plan would be expected to remove 450,000 barrels per day of crude oil from the current European supply by July 1. A tightening of supply, such as this, would be expected to put upward pressure on crude prices. At the same time, momentum also seems to be building to address the euro zone debt crisis as EU finance chiefs met to restart talks to restructure Greek debt to avoid default. Positive global economic news, and the associated increase in demand for oil, would also be expected to pressure prices higher.

After rising sharply to begin last week’s holiday-shortened trading week, crude oil prices trended lower throughout the latter part of the week as dismal demand numbers and euro zone debt concerns—specifically with Greece—outweighed any upward pressure due to tension with Iran.  While last Thursday’s weekly Department of Energy report did show a drawdown in crude stocks, which initially sent oil prices higher, it was accompanied by bearish demand numbers—the lowest in more than ten years—and a build in gasoline stocks, which ultimately pressured prices lower.  Crude oil settled at $98.46 to end last week, the lowest price of 2012 and a decline of $2.25 from the settlement price to begin last week.

While crude oil prices have declined slightly, gasoline prices have remained relatively flat. This comes as the potential upward pressure of expected refinery shutdowns has been offset by downward pressure from continuing demand destruction.  The current national retail average price for a gallon of self-serve regular gasoline is $3.38.  Today’s price is fractions of a penny cheaper than last week, but 15 cents more expensive than one month ago and 27 cents more expensive than one year ago.  While the price of gasoline at the pump increased by more than ten cents during the first two weeks of 2012, the price over the past two weeks has been within a penny of today’s price.

As North America’s largest motoring and leisure travel organization, AAA provides more than 53 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 AAA.com.

ORLANDO, Fla., December 12, 2006

After registering a relatively small increase of 6.6 cents per gallon since the middle of last month, the nationwide average price of self-service regular gasoline has stalled near $2.30 cents per gallon, according to AAA’s daily, on-line Fuel Gauge Report (www.aaafuelgaugereport.com). 

Troy GreenThe national average price was $2.226 per gallon one month ago and is $2.292 per gallon today. The price increased only a scant one-tenth of a cent in the last week. According to AAA, the relative stability of recent prices for both oil and gasoline – and the continued absence of any dramatic news affecting oil or gasoline supplies – is an indicator the cost of fuel should remain fairly stable the last few weeks of the year.

One year ago the price of self-serve regular gasoline was $2.175 per gallon, AAA said.

AAA’s fuel price survey shows Hawaii has the highest average gas price in the nation at $2.832 per gallon. Oregon and Washington state have the next highest average prices; at $2.641 and $2.601 per gallon, respectively.

Oklahoma has the lowest state-wide average gasoline price in the nation at $2.155 per gallon. South Carolina has the next lowest price at $2.162 per gallon, followed by Missouri with an average gas price of $2.174 per gallon.

Nationwide, the price of self-serve, mid-grade gasoline averages $2.433 per gallon, an increase from $2.363 per gallon in the middle of last month, and up from $2.307 one year ago. Self-serve premium averages $2.521 per gallon nationwide; up from $2.449 one month ago. Premium averaged $2.307 per gallon at this time last year.

The national average prices for self-serve regular unleaded gasoline for AAA’s mid-December survey for the last five years are: 2005, $2.175; 2004, $1.906; 2003, $1.471; 2002, $1.378; and 2001, $1.115.

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 49 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 www.aaa.com.

ORLANDO, Fla., November 14, 2006

Troy GreenThe nationwide average price of self-service regular gasoline is just 0.3 cent per gallon lower since the middle of last month at $2.229 per gallon, according to AAA’s daily, on-line Fuel Gauge Report. The national average price briefly fell below $2.20 per gallon before last week’s election, but has increased about 3 cents in the last seven days.  

AAA said anticipated demand for gasoline during the upcoming Thanksgiving holiday travel period may be pulling prices somewhat higher, but the nation’s largest organization for motorists said the longer-term outlook for prices near current levels is promising.

The average price of self-serve regular was $2.232 per gallon one month ago. One year ago the price was $2.293 per gallon, AAA said.

According to AAA, Hawaii has the highest average gas price in the nation at $2.859 per gallon. Alaska and Washington state have the next highest average prices; at $2.512 and $2.498 per gallon, respectively.

New Jersey has the lowest state-wide average gasoline price in the nation at $2.046 per gallon. South Carolina has the next lowest price at $2.087 per gallon, followed by Missouri with an average gas price of $2.097 per gallon.

Nationwide, the price of self-serve, mid-grade gasoline averages $2.366 per gallon, a decline from $2.37 per gallon in the middle of last month, and down from $2.433 one year ago. Self-serve premium averages $2.451 per gallon nationwide; down from $2.456 one month ago. Premium averaged $2.522 per gallon at this time last year.

The national average prices for self-serve regular unleaded gasoline for AAA’s mid-November survey for the last five years are: 2005, $2.293; 2004, $1.942; 2003, $1.504; 2002, $1.458; and 2001, $1.206.

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 49 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 www.aaa.com.

ORLANDO, Fla., October 10, 2006

The nationwide average price of self-service regular gasoline has declined 37.8 cents per gallon since the middle of last month and is now $2.262 per gallon, according to AAA’s daily, on-line Fuel Gauge Report (www.aaafuelgaugereport.com). Prices have not been this low since March 3 when the national average price was $2.26 per gallon. 

Troy GreenAAA said the continuing slump in oil prices – with the price below $59 per barrel today – has allowed gasoline prices to fall.

The average price of self-serve regular was $2.64 one month ago. One year ago the price was $2.885 per gallon, AAA said.

According to AAA, Hawaii has the highest average gas price in the nation at $3.026 per gallon; although the price is finally on the verge of dropping below $3.00. Alaska and Nevada have the next highest average prices; at $2.817 and $2.639 per gallon, respectively.

Missouri has the lowest state-wide average gasoline price in the nation at $2.049 per gallon. Georgia has the next lowest price at $2.074 per gallon, followed by South Carolina with an average gas price of $2.075 per gallon.

Nationwide, the price of self-serve, mid-grade gasoline averages $2.401 per gallon, a decline from $2.803 per gallon in the middle of last month, and down from $3.06 one year ago. Self-serve premium averages $2.488 per gallon nationwide; down from $2.905 one month ago. Premium averaged $3.173 per gallon at this time last year.

The national average prices for self-serve regular unleaded gasoline for AAA’s mid-October survey for the last five years are: 2005, $2.885; 2004, $1.921; 2003, $1.565; 2002, $1.448; and 2001, $1.346.

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 49 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 www.aaa.com.

ORLANDO, Fla., August 15, 2006

The nationwide average price of self-serve regular gasoline fell below $3 per gallon today after nearing the previous all-time record high of $3.057 set on Labor Day 2005, AAA’s daily, on-line Fuel Gauge Report (www.aaafuelgaugereport.com) shows. 

Troy GreenThe drop in price to $2.997 per gallon is contrary to widespread projections last week that fuel prices would reach new record highs, AAA said.

Last week, the average price of gasoline reached $3.03 per gallon as British Petroleum (BP) announced they would be temporarily suspending production at a Prudhoe Bay oil field to repair a damaged pipeline. The news sent the price of oil above $76 per barrel before declining to near $73 per barrel today.

AAA said a combination of factors helped mitigate the effects of BP’s announcement on the price of gasoline. These include the fact that current oil inventories are relatively healthy in the United States, the Bush administration signaled it would release oil from the Strategic Petroleum Reserve if needed, the truce between Israel and Hezbollah in Lebanon seems to be holding, and the continuation of relatively calm weather in the Caribbean.

The average price of self-serve regular was $2.96 one month ago. One year ago the price was $2.484 per gallon, AAA said.

According to AAA, Hawaii has the highest average gas price in the nation at $3.368 per gallon. California and Connecticut both have the next highest average prices; both at $3.216 per gallon. Half of the states, plus the District of Columbia, have average retail prices in excess of $3 per gallon.

South Carolina has the lowest state-wide average gasoline price in the nation at $2.822 per gallon. Mississippi and Kentucky have the next lowest prices; both at $2.885 per gallon.

Nationwide, the price of self-serve, mid-grade gasoline averages $3.182 per gallon, a decline from $3.188 per gallon in the middle of last month, and up from $2.636. Self-serve premium averages $3.297 per gallon, down from $3.304 one month ago. Premium averaged $2.733 per gallon at this time last year.

The national average prices for self-serve regular unleaded gasoline for AAA’s mid-August survey for the last five years are: 2005, $2.484; 2004, $1.862; 2003, $1.566; 2002, $1.405; and 2001, $1.393.

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 49 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 www.aaa.com.

ORLANDO, Fla. July 11, 2006

Rising global tension has pushed gasoline prices in the United States to their highest level of the year, and near their all-time high reached in the aftermath of Hurricane Katrina last September. 

Troy GreenThe nation’s largest organization for motorists said today’s nationwide average price for self-serve regular gasoline is $2.968 per gallon, according to AAA’s daily, on-line Fuel Gauge Report (www.aaafuelgaugereport.com). Prior to this week, the previous high price for the year was $2.934 per gallon reached on May 16. On Sept. 5 of last year – Labor Day Monday – prices hit an all-time record high of $3.057 per gallon.

AAA said events in Mexico, Iran, Iraq, Israel, India and North Korea have energy markets on edge and oil prices at elevated levels. The motor club urged motorists to do what they can to conserve fuel during their day-to-day activities, and to listen closely to what congressional candidates are saying about global security and cooperation, and their plans for America’s energy future.

The average price of self-serve regular was $2.899 one month ago. One year ago the price was $2.291 per gallon, AAA said.

According to AAA, Hawaii has the highest average gas price in the nation at $3.372 per gallon. California and Connecticut have the next highest average prices at $3.256 per gallon and $3.191 per gallon; respectively. In total, sixteen states and the District of Columbia have average retail prices in excess of $3 per gallon at this time.

South Carolina and Tennessee have the lowest state-wide average gasoline prices in the nation at $2.793 and $2.749 per gallon; respectively. Mississippi has the next lowest average price at $2.805 per gallon.

Nationwide, the price of self-serve, mid-grade gasoline averages $3.151 per gallon, an increase from $3.077 per gallon in the middle of last month, and up from $2.432 one year ago. Self-serve premium averages $3.264 per gallon, up from $3.189 one month ago. Premium averaged $2.521 per gallon at this time last year.

The national average prices for self-serve regular unleaded gasoline for AAA’s mid-July survey for the last five years are: 2005, $2.291; 2004, $1.904; 2003, $1.517; 2002, $1.396; and 2001, $1.426.

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 49 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 www.aaa.com.

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