For Immediate Release Contact: Beth Nagusky

June 21, 2004 287-4315

Maine Gasoline Prices Fall by Six Cents

Statewide Average Gasoline Prices

The current statewide average price for regular gasoline is $2.02 per gallon, a substantial six cents lower than last week. This is the third week in a row that gasoline prices have dropped. Maine gasoline price trends do reflect U.S. retail gasoline prices which also declined by a nickel this past week. This decline is the largest one week drop since September 22, 2003. Also, this is the first time in five weeks that prices have averaged under $2.00 per gallon. As of June 11th, national motor gasoline inventories stood at 205.5 million barrels, approximately 5.8 million barrels lower than year ago levels. According to the latest available information from the American Petroleum Institute, gasoline deliveries (a measure of demand) were up by 2.6% for the first five months of 2004 compared with the same period in 2003.

As of June 21, 2004

Prices based on AAA Daily Fuel Gauge Report and www.mainegasprices.com (Northern Region)

Drivers Can Reduce Gasoline Costs

The best defense against high gasoline prices is to reduce gasoline consumption. Consumers can reduce consumption by 20% to 30% through a number of fairly simple steps: maintain properly inflated tires; obey the speed limit, keep your engine well-tuned and your oil changed; avoid sudden stops and starts, limit engine idling; remove excess weight from your vehicle; and combine errands to avoid the number of “cold starts.” For short trips, consider walking, biking or taking public transportation, if available. If you are in the market for a new vehicle, consider its fuel economy. Depending on the vehicle you drive, you could be paying as little as $.04 per mile or as much as $.20. In response to Governor Baldacci's initiatives, the State of Maine has reduced its annual travel expenses by over $1 million, and miles traveled by 18%, since fiscal year 2001.