Industry Fears Largely to Blame for Sharp Rise in Gas Prices, AAA Says

    ORLANDO, Fla.--Feb. 11, 2003--Fear of another significant terrorist attack and uncertainty about war in Iraq are driving gasoline prices higher across the United States, AAA said today.
    While it is true the continuing loss of oil and gasoline exports from Venezuela and recent cold weather in much of the country have affected fuel inventories, nothing fully justifies the dramatic increase in gasoline prices experienced across the United States in the last month, AAA said.
    Since the middle of January, the price of self-serve regular gasoline has increased 13.4 cents to $1.605 per gallon, AAA's daily online Fuel Gauge Report (http://www.fuelgaugereport.com) shows. Today's nationwide average fuel price is the highest since June of 2001 when the average price was $1.661, and the highest February price ever recorded by AAA.
    In mid-January the price of gasoline averaged $1.471 per gallon. One year ago the nationwide average price of self-serve regular was $1.126 per gallon.
    AAA is advising motorists to shop aggressively for the best price on gasoline, look for ways to cut down on fuel consumption, and keep their vehicles properly maintained to increase fuel economy, as methods of cushioning family budgets. AAA also urges gasoline wholesalers and retailers to show restraint in the pricing of their product, and cautioned the industry not to take advantage of the nation's heightened terrorist alert status.
    Following the events of 9/11 state authorities took aggressive legal action against gasoline companies that wrongly sought to profit from public distress, and AAA would support similar action if necessary following a declared war with Iraq, or other national emergency.
    Since mid-January, gasoline prices have increased an average of 15.5 cents per gallon in the Midwest to $1.587 per gallon. Prices have jumped 15.3 cents in the Great Lakes region to $1.645 per gallon, and moved 14.6 cents higher in the Southeast to $1.561 per gallon.
    Gasoline prices have increased 13.4 cents per gallon in the West to $1.63 per gallon, and are up 12.5 cents in the Southwest to $1.525 per gallon. In the Mid-Atlantic region, gasoline averages $1.608 per gallon; an increase of 11.2 cents per gallon from one month ago. New England gasoline prices have increased 9.9 cents per gallon since mid-January to average $1.625 per gallon.
    Nationwide, the price of self-serve, mid-grade averages $1.705, an increase of 14.3 cents per gallon since last month, and 51 cents higher than last year. Self-serve premium averages $1.766 per gallon, up 14.8 cents since mid-January, and 52.7 cents higher than last year.
    Average regional prices for self-serve regular in mid-February of last year were: West, $1.264; New England, $1.172; Mid-Atlantic, $1.12; Southwest, $1.097; Great Lakes, $1.112; Midwest, $1.115; and Southeast, $1.074.
    The national average prices for self-serve regular unleaded gasoline for AAA's mid-February survey for the last five years are: 2002, $1.126; 2001, $1.492; 2000, $1.367; 1999, $0.96; and 1998, $1.114.
    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 nearly 46 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.