AAA Reports National Gas Prices Down One Cent From Record High

BURNSVILLE, Minn., April 12 /PRNewswire/ — After breaking the previous all-time record high average price for self-serve regular gasoline on March 17, fuel prices have skyrocketed an additional 21.2 cents per gallon to $2.266 per gallon today. Previous to this recent climb, the record-high price was $2.054 per gallon set on May 26, 2004.

The current national average is more than 23 cents higher than the mid- March $2.0320 pump average and more than 49 cents higher than the $1.772 average paid a year ago.

“After weeks of rising gas prices, there finally is some good news. Today is the first day since the old record-high price was surpassed, that the national average price has declined, albeit just under a penny cheaper today than yesterday,” said Gail Weinholzer, AAA Minnesota/Iowa spokesperson. “The main reason for this pump price decline is the fall of crude oil prices, retreating from recent high prices of near $57 per barrel to around $53 today.”

Some analysts predict both oil and gasoline prices may fall even further due to growing inventories of both commodities. Any unforeseen future events in oil producing countries or unexpected problems with gasoline refining and distribution systems in the U.S. (such as fires, pipeline breaks or severe weather) could reverse this scenario.

Reports for April 12, 2005, reflect the following average prices per gallon for self-serve, regular unleaded gas:

Current Month Ago Year Ago

National $2.27 $2.03 $1.77
Iowa $2.22 $2.01 $1.71
Cedar Rapids $2.26 $1.96 $1.71
Davenport $2.20 $2.02 $1.72
Des Moines $2.22 $2.01 $1.68
Sioux City $2.23 $2.03 $1.70
Waterloo $2.19 $2.02 $1.66

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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