AAA Texas: Gas Prices Falling Nearly Back to Levels Before Hurricane Ike

Market Wire, October, 2008

The average price of a gallon of gasoline fell by more than nine cents in Texas compared to last week. Still, the state average of $3.500 is about a dime lower than the national average, which also decreased ten cents to $3.598.

In Houston gas is at $3.448, down 9.3 cents from last week. Houston is still below the national and state averages.

Amarillo, at $3.287, has the least expensive average price as compared to other metropolitan areas in the state. Dallas is reporting a price of $3.565 a gallon, a decrease of nearly 8 cents since last week.

Reporting the highest price in the state is El Paso at $3.588 followed by Dallas.

"Supplies in Texas appear to be sufficient to meet demand and prices are falling nearly back to the level they were before Hurricane Ike. The refineries and pipelines are reopened and increasing their capacity to refine and deliver gasoline," said AAA-Texas Houston spokesperson Sarah Schimmer.

Light, sweet crude oil reaching a record price of $147.27 a barrel on July 11, is currently trading between $94 and $97. Gas reached a national peak average of $4.11 on July 17, but is still 81 cents above prices this time last year.

                                                             Record  Record
                    1 Week                                    High   High
           Current    Ago    Difference Year Ago Difference   Date   Price
           -------- -------- ---------- -------- ---------- -------- ------
            10/2/08 09/25/08 Difference  10/2/07 Difference   Date   Price
           -------- -------- ---------- -------- ---------- -------- ------
National      3.598    3.700     -0.102    2.786     +0.812 07/17/08  4.114
           -------- -------- ---------- -------- ---------- -------- ------
State         3.500    3.598     -0.098    2.695     +0.805 07/17/08  3.985
           -------- -------- ---------- -------- ---------- -------- ------
Amarillo      3.287    3.391     -0.104    2.797     +0.490 07/16/08  3.983
           -------- -------- ---------- -------- ---------- -------- ------
Austin-San
 Marcos       3.490    3.566     -0.076    2.735     +0.755 07/17/08  3.975
           -------- -------- ---------- -------- ---------- -------- ------
Beaumont      3.503    3.602     -0.099    2.693     +0.810 07/16/08  4.001
           -------- -------- ---------- -------- ---------- -------- ------
Corpus
 Christi      3.392    3.525     -0.133    2.646     +0.746 07/15/08  3.960
           -------- -------- ---------- -------- ---------- -------- ------
Dallas        3.565    3.644     -0.079    2.653     +0.912 07/16/08  3.983
           -------- -------- ---------- -------- ---------- -------- ------
El Paso       3.588    3.648     -0.060    2.830     +0.758 07/17/08  3.967
           -------- -------- ---------- -------- ---------- -------- ------
Ft. Worth     3.552    3.642     -0.090    2.650     +0.902 07/16/08  3.975
           -------- -------- ---------- -------- ---------- -------- ------
Galveston     3.468    3.564     -0.096    2.627     +0.841 07/14/08  3.968
           -------- -------- ---------- -------- ---------- -------- ------
Houston       3.448    3.541     -0.093    2.612     +0.836 07/17/08  3.960
           -------- -------- ---------- -------- ---------- -------- ------
San
 Antonio      3.425    3.514     -0.089    2.678     +0.747 07/16/08  3.957
           -------- -------- ---------- -------- ---------- -------- ------
Texarkana
 (TX Only)    3.560    3.685     -0.125    2.721     +0.839 07/16/08  3.981
           -------- -------- ---------- -------- ---------- -------- ------

Contacts: Dan Ronan Statewide/Dallas Ronan.dan@aaa-texas.com danronan@sprint.blackberry.net 469 221 8217 office 469 583 7070 cell Sarah Schimmer Houston Schimmer.sarah@aaa-texas.com 713-284-6552 office 281-797-7886 cell