For Immediate Release Contact: Beth Nagusky

August 16, 2004 287-4315

Maine Diesel and Gasoline Prices Still High

Statewide Average Gasoline Prices

In the southern areas of Maine surveyed by AAA, the current statewide average price for regular gasoline is $1.89 per gallon, one cent higher than the current national average price and thirty-three cents higher than last year at this time. Limited price information available for northern Maine indicates that prices for regular gasoline are higher there, with an average for the region in the $2.00 per gallon range. Diesel fuel prices have been increasing from a statewide average of $1.81 in mid-July to the current average of $1.91 per gallon. National gasoline inventories stood at 210.3 million barrels on August 6 th , down 2.4 million barrels from the week before and approximately 10.4 million barrels higher than year-ago levels.

Crude oil futures prices continued their ascent on Friday, by-passing the $46.00 per barrel level and heading further into uncharted territory. This is the highest price ever seen on the Nymex since contract trading began in 1983. Most of the market anxiety revolved around trading in advance of Sunday's referendum to keep President Hugo Chavez in Venezuela . An explosion at BP's 420,000 barrel per day Whiting, Indiana refinery also contributed. Prices have hit a succession of record highs in recent weeks fuelled by soaring demand from the US and China and by concerns over Iraqi pipeline attacks. Recently, tropical hurricanes have caused a decline in U.S. output in the Gulf of Mexico .

As of August 16, 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 and diesel prices is to reduce 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 .