AAA Texas Monthly Fuel Gauge Report; Statewide Monthly Gas Average Surges to New High

Business Wire, May 18, 2004

Energy Editors/Business Editors/Travel Writers

HOUSTON--(BUSINESS WIRE)--May 18, 2004

The statewide average price for regular self-serve gasoline has set a new monthly high of $1.867 a gallon, according to AAA Texas. The new record is 21.8 cents more than last month's average and 48 cents more than last year's average.

The national average price of self-serve regular gasoline is within a whisker of $2 a gallon at $1.999, according to AAA. The average national price is 49.6 cents a gallon higher than it was a year ago when the average price was $1.503. "Much of the cause for today's high gasoline prices can be traced to cutbacks by OPEC, rising demand for gasoline as the U.S. economy improves and record high prices for crude oil," said Rose Rougeau, spokesperson for AAA Texas.

An AAA membership survey suggests that consumers may begin to alter their driving patterns if gasoline prices stay above $2 for most of the summer, and will consider switching to more fuel-efficient vehicles. "Altered consumer behavior does not include canceling long-planned Memorial Day driving trips which is expected to be a record 30.9 million auto travelers this holiday," added Rougeau. "Travelers say they'll simply take shorter or fewer trips if prices continue to rise."

AAA's Fuel Gauge Report is based on data from the Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information.

AAA Texas, an affiliate of AAA National, has been serving Texans since 1902. Today, more than a million AAA Texas' members benefit from the organization's roadside assistance service, insurance and financial products, travel agency, automotive pricing, buying and financing, trip planning services, and traffic safety programs. Information about these products and services is available on AAA Texas' Web site at www.aaa-texas.com.

                  AAA Texas Fuel Gauge Monthly Report
             AVERAGE PRICE OF SELF-SERVE REGULAR GASOLINE

      Metro                          State     May '04    Apr. '04
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Abilene                               TX         1.915      1.670
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Amarillo                              TX         1.891      1.612
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Austin                                TX         1.860      1.650
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Beaumont                              TX         1.862      1.682
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Brownsville                           TX         1.824      1.652
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Corpus Christi                        TX         1.828      1.642
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Dallas                                TX         1.871      1.671
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El Paso                               TX         1.872      1.628
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Fort Worth                            TX         1.858      1.661
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Houston                               TX         1.862      1.642
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Laredo                                TX         1.846      1.654
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Longview                              TX         1.858      1.638
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Lubbock                               TX         1.893      1.630
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Midland                               TX         1.910      1.681
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Odessa                                TX         1.890      1.665
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San Antonio                           TX         1.854      1.634
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Waco                                  TX         1.841      1.621
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Average                               TX         1.867      1.649

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