AAA Reports National Gas Prices Within Penny of Record High

MINNEAPOLIS, March 15 /PRNewswire/ — The national average price of self- serve regular gasoline is $2.048, less than 1 cent from the record high average of $2.054 set on May 26, 2004. The current average is nearly 16 cents higher than mid-February’s $1.890 pump average and nearly 33 cents higher than the $1.722 average paid a year ago.

“For several weeks, analysts have predicted new record high prices this spring,” said Dawn Duffy, AAA spokesperson. “The same dynamics that created record high prices last year still exist today, including the seasonal switch to summer fuel production. The one difference is that crude oil traded at $37 per barrel a year ago, but now hovers near $54 today.”

Tomorrow’s OPEC meeting is unlikely to provide many clues about the future price of oil, since most observers predict that the majority of cartel members favor a “wait and see” approach to production and current crude prices.

Reports for March 15, 2005, reflect the following average prices per gallon for self-serve, regular unleaded gas:

Current Month Ago Year Ago
National $2.05 $1.89 $1.72
Minnesota $2.02 $1.89 $1.67
Duluth $2.01 $1.88 $1.69
Minneapolis/St. Paul $2.02 $1.89 $1.64
Rochester $2.08 $1.88 $1.67
St. Cloud $2.04 $1.88 $1.68

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. AAA Minneapolis serves nearly 176,000 members in Hennepin County.

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