For Immediate Release Contact: Beth Nagusky

July 12, 2004 287-4315

Maine Gasoline Prices Holding Steady

Statewide Average Gasoline Prices

In the southern areas of Maine surveyed by AAA, the current statewide average price for regular gasoline is $1.92 per gallon, a one cent increase since last week. Limited price information available indicates that northern Maine prices are higher, and could increase the statewide average for regular gasoline to$1.96 per gallon.

Spot gasoline prices are the price at which refiners sell their gasoline to various regional markets and they can be a good indicator of average retail prices. During the month of June the average spot prices for gasoline fell. Spot gasoline prices have been increasing during July, perhaps in correspondence with the higher price of crude oil, which is trading at over $40.00 per barrel again. Gasoline inventories remain below the lower end of the average range for this time of year, even with total gasoline inventories rising by 1.0 million barrels in early July on the strength of the second highest weekly average rate for gasoline imports in recent history. In light of current high consumer demand for gasoline during the peak summer driving season, there is limited flexibility in the supply system.

As of July 12, 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. For a complete list of gas saving tips for drivers and more information on energy issues in general, please visit the State of Maine's new energy information website at www.maineenergyinfo.com . 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.