NEWS from AAA Oklahoma, June 20 2007 – AAA reports today’s average for self-serve regular gasoline across the U.S. now stands at $2.998 per gallon, the first time the average has dropped below the $3 mark since May 3, 2007.

“Gasoline prices below $3 per gallon are important to the national economic psyche,” said Chuck Mai, spokesman for AAA Oklahoma. “If the price continues to decline, this will help spur growth in the economy and reduce inflationary pressures.”

AAA predicts today’s weekly government inventory report will help produce lower pump prices. The EIA reported today that light sweet crude oil stocks increased by 6.9 million barrels since last week and gasoline inventories rose by 1.8 million barrels.

Refinery utilization, as measured by the government, fell by 1.6 percent to just 87.6 percent.

“However, global geopolitical events continue to be the greatest influence on crude oil prices,” said Mai. “Of particular concern are ongoing attacks on oil installations and a possible general strike in Nigeria as well as a possible five-day oil worker strike in Brazil and volatile tensions between Israel and the Syrian-backed Hamas organization that took over the Gaza strip-area of Israel last week.”

AAA’s Fuel Gauge Report (http://www.fuelgaugereport.com/) shows the Oklahoma gas price average now at $2.862, down 44 cents since the record high of $3.299, set May 22.