AAA Reports National Gas Prices Up 8 Cents Since Mid-January

BURNSVILLE, Minn., Feb. 16 /PRNewswire/ — The national average price of self-serve regular gasoline is $1.89, up 8 cents since mid-January. The current pump price also is up 25 cents from the $1.64 average from one year ago.

“February typically is a transitional period in the oil industry, as the focus shifts from heating oil to gasoline production,” said Shannon Swanson, AAA spokesperson. “The good news is that gas inventories are at higher-than- normal levels for this time of year. The Department of Energy’s Energy Information Administration warned, however, that our nation’s increased demand in the past year has meant that there is very little difference between this year and last year when it comes to the number of days that these inventories could cover.”

In addition, the EIA expressed concern that European refiners may not be able to supply as much gasoline to the U.S. to meet demand during peak periods. It should be noted that this same fear existed last year and was not realized, as more than 10 percent of peak U.S. gasoline demand was fed by refiners in other countries.

Reports for February 16, 2005, reflect the following average prices per gallon for self-serve, regular unleaded gas:

Current Month Ago Year Ago
National $1.89 $1.81 $1.64
Iowa $1.85 $1.74 $1.57
Cedar Rapids $1.86 $1.78 $1.55
Davenport $1.88 $1.78 $1.57
Des Moines $1.79 $1.70 $1.57
Sioux City $1.86 $1.76 $1.55
Waterloo $1.86 $1.70 $1.55

AAA’s Fuel Gauge Report is based upon data from the Oil Price Information Service, the nation’s most comprehensive source of petroleum pricing statistics, and can be found at http://www.fuelgaugereport.com/ .

AAA offers automotive, travel, insurance and financial services to more than 45 million members in the United States and Canada. AAA Minnesota/Iowa is part of The Auto Club Group, with 4.1 million members in eight Midwest states.

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