Slide 9 of 10

Notes:

• Finally, in comparing gasoline prices in El Paso with those in Dallas or Houston, or for that matter any other city, it is helpful to recognize that similar differences exist between many markets in similar proximity to each other.

• This graph compares the differential between El Paso and Houston with that between city pairs on the East and West coasts - San Diego and Los Angeles, and New York and Philadelphia. As you can see, the gasoline price differentials between these cities are often more than 10 cents per gallon, and occasionally exceed 15 cents, although each pair is closer together, and has more commonality of supply, than El Paso and Houston.