SOURCE: AAA Texas

August 14, 2008 14:43 ET

AAA Texas: Gasoline Prices Plunge in Lone Star State Nearly a Dime Faster Than National Average

IRVING, TX--(Marketwire - August 14, 2008) - Motorists in Texas are seeing the cost of gasoline fall rapidly as a gallon of regular unleaded dropped by nearly 10 cents from a fraction below $3.74 a gallon last week to $3.64 today. On the national level, prices declined by another seven cents from $3.85 to $3.78. Texas drivers now are paying about 14 cents a gallon less the national average; however gasoline is still 96 cents higher than it was one year ago today. It's the 28th straight day gasoline prices have fallen.

Corpus Christi has the least expensive gas at just below $3.59 a gallon. El Paso once again remains the highest at $3.74 a gallon, a dime above the statewide average.

"The price of crude oil has fallen some thirty dollars a barrel in less than a month. In mid-July it reached its all time high of $147.27 a barrel and this week it has been trading in the $115 dollar range. That drop of more than 30 dollars a barrel is now translating into big cuts at your local gas station," says AAA Texas Corporate Communications Manager Dan Ronan.

The rapid increase in crude prices this spring also dramatically impacted the amount and way people drive. According to the U.S. Transportation Department the number of miles driven in June 2008 compared to June 2007 fell by 4.7 percent nationally. The government also reported that during the first three months of 2008 drivers cut their gasoline usage by 400 million gallons a drop of 1.3% and diesel also fell by 318 million gallons, a dramatic plunge of 7%.

                                                           Record   Record
                    1 Week                                   High    High
            Current   Ago   Difference Year Ago Difference   Date   Price
            ------- ------- ---------- -------- ---------- -------- -------

          08/14/08 08/07/08 Difference 08/14/07 Difference   Date   Price
            ------- ------- ---------- -------- ---------- -------- -------
National      3.778   3.849     -0.071    2.762     +1.016 07/17/08   4.114
            ------- ------- ---------- -------- ---------- -------- -------
State         3.641   3.737     -0.096    2.684     +0.957 07/17/08   3.985
            ------- ------- ---------- -------- ---------- -------- -------
Amarillo      3.652   3.751     -0.099    2.823     +0.829 07/16/08   3.983
            ------- ------- ---------- -------- ---------- -------- -------
Austin-San
 Marcos       3.682   3.774     -0.092    2.722     +0.960 07/17/08   3.975
            ------- ------- ---------- -------- ---------- -------- -------
Beaumont      3.638   3.732     -0.094    2.655     +0.983 07/16/08   4.001
            ------- ------- ---------- -------- ---------- -------- -------
Corpus
 Christi      3.587   3.677     -0.090    2.521     +1.066 07/15/08   3.960
            ------- ------- ---------- -------- ---------- -------- -------
Dallas        3.613   3.718     -0.105    2.667     +0.946 07/16/08   3.983
            ------- ------- ---------- -------- ---------- -------- -------
El Paso       3.742   3.805     -0.063    2.746     +0.996 07/17/08   3.967
            ------- ------- ---------- -------- ---------- -------- -------
Ft. Worth     3.604   3.701     -0.097    2.645     +0.959 07/16/08   3.975
            ------- ------- ---------- -------- ---------- -------- -------
Galveston     3.617   3.727     -0.110    2.668     +0.949 07/14/08   3.968
            ------- ------- ---------- -------- ---------- -------- -------
Houston       3.597   3.716     -0.119    2.637     +0.960 07/17/08   3.960
            ------- ------- ---------- -------- ---------- -------- -------
San Antonio   3.650   3.729     -0.079    2.700     +0.950 07/16/08   3.957
            ------- ------- ---------- -------- ---------- -------- -------
Texarkana
 (TX Only)    3.623   3.697     -0.074    2.693     +0.930 07/16/08   3.981
            ------- ------- ---------- -------- ---------- -------- -------

AAA Texas-New Mexico, 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, travel agency, financial products, insurance products and services, 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.com.

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