Gas price update and outlook - 11.22.11

Average retail gasoline prices in Tennessee have fallen 6.4 cents per gallon in the past week, averaging $3.16 per gallon Sunday. This compares with the national average that has fallen 5.7 cents per gallon in the last week to $3.36 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices yesterday were 47.6 cents per gallon higher than the same day one year ago and are 14.1 cents per gallon lower than a month ago.
The national average has decreased 11.1 cents per gallon during the last month and stands 49.3 cents per gallon higher than Monday one year ago.
“Gasoline prices have continued their slow decline in the last week across a solid majority of the United States, with the national average sagging to its lowest level since this past February,” according to GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“Many motorists may be giving thanks for the lower gasoline prices – until they realize that average prices will still easily exceed prior Thanksgiving Day records,” he added.
DeHaan also shared recent results from a poll conducted of its members, showing the smallest growth in holiday driving distance since it began surveying users in 2009.
The poll also showed a 2 percent rise in the number of North Americans that would not drive at all for the holiday gathering.
“This certainly isn’t a shock given the higher gasoline costs, but goes to show that few motorists reduce their holiday driving because of higher prices,” DeHaan stated.

WCP 11.22.11

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