Average Gasoline Price Declines 8.6 Cents Since Last Month, AAA Reports

    ORLANDO, Fla.--Dec. 10, 2002--The nationwide average price of self-serve regular gasoline has declined 8.6 cents per gallon since mid-November and currently averages $1.378 per gallon, AAA said today.
    Last month the average nationwide price was $1.464 per gallon. One year ago the average price was $1.122 per gallon.
    Gasoline prices were unseasonably high in October and November as demand for gasoline remained strong and tension increased over Iraq's compliance with United Nations' arms resolutions. While demand for gasoline among consumers remains high, the start of arms inspections in Iraq has eased pressure on the price of crude oil.
    Since mid-November, gasoline prices have decreased an average of 17.3 cents per gallon in the Great Lakes region to $1.329. Prices have fallen 13.1 cents in the Midwest to $1.339 per gallon, and moved 9.8 cents lower in the West to $1.426 per gallon.
    Gasoline prices have decreased 8.5 cents per gallon in both the Southeast and the Southwest since last month, and currently average $1.318 and $1.331 per gallon, respectively. In the Mid-Atlantic region, gasoline prices fell an average of 5.2 cents per gallon to $1.413. Prices are down .9 cent per gallon in New England, where the cost of gasoline averages $1.484 per gallon.
    Nationwide, the price of self-serve, mid-grade averages $1.464, a decrease of 9.1 cents per gallon since last month, and 27.4 cents higher than last year. Self-serve premium averages $1.516 per gallon, down 9.5 cents since mid-November, and 28.2 cents higher than last year.
    Average regional prices for self-serve regular in mid-December of last year were: West, $1.309; New England, $1.156; Mid-Atlantic, $1.12; Southwest, $1.093; Great Lakes, $1.146; Midwest, $1.088; and Southeast, $1.05.
    The national average prices for self-serve regular unleaded gasoline for AAA's mid-December survey for the last five years are: 2001, $1.122; 2000, $1.496; 1999, $1.31; 1998, $1.023; and 1997, $1.216.
    AAA's Fuel Gauge Report is based on data from Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information.
    As the nation's largest motoring and leisure travel organization, AAA provides more than 45 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: http://www.aaa.com.
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