AAA Reports Gas Prices Stabilize After Hurricane Threats

BURNSVILLE, Minn., July 20 /PRNewswire/ — The nationwide average price for self-serve regular gasoline has stabilized in recent days after surging to a new record high in the wake of Hurricane Dennis. National pump prices currently average $2.307, down about one cent from the record high price of $2.321 set last July 14.

“Gasoline prices rose rapidly during the last two weeks as Hurricanes Dennis and Emily menaced oil installations in the Gulf of Mexico,” said Gail Weinholzer, AAA Minnesota/Iowa spokesperson. “Thankfully, Dennis was less severe than anticipated when it hit land and, more importantly, it struck east of the most important energy facilities. Emily also spared U.S. oil producing assets.”

Since the hurricanes’ worst scenarios did not occur and because OPEC on Monday revised downward its forecast for world oil demand for 2006, the price of crude oil fell approximately $5 in the past week to $57 per barrel.

Reports for July 20, 2005, reflect the following average prices per gallon for self-serve, regular unleaded gas:

Current Month Ago Year Ago
National $2.31 $2.15 $1.92
Iowa $2.21 $2.06 $1.85
Cedar Rapids $2.21 $2.06 $1.80
Davenport $2.24 $2.09 $1.86
Des Moines $2.13 $2.06 $1.87
Sioux City $2.21 $2.05 $1.85
Waterloo $2.20 $2.05 $1.83

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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