Gas price update and outlook - 5.31.12
Posted: Monday, June 4, 2012 9:42 am
Average retail gasoline prices in Tennessee have fallen 7.1 cents per gallon in the past week, averaging $3.30 per gallon Sunday. This compares with the national average that has fallen 3.6 cents per gallon in the last week to $3.65 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during last week, prices Sunday were 26.4 cents per gallon lower than the same day one year ago and are 32.8 cents per gallon lower than a month ago.
The national average has decreased 15.7 cents per gallon during the last month and stands 13.4 cents per gallon lower than that day one year ago.
“Summer driving season has officially begun with the national average falling far lower than we expected it earlier this year,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“The national average has dropped to a surprising $3.65 per gallon mark as of Monday. Had you asked me back in January if the national average would have been that low on Memorial Day, I would likely have chuckled, but it goes to show anything is possible,” DeHaan said.
GasBuddy forecasted in January that the national average would peak between $3.75-$4.15 per gallon. The national average peaked at $3.92 per gallon April 5, far sooner than many analysts, including DeHaan, expected it to occur.
GasBuddy operates TennesseeGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app, which has been downloaded over 20 million times to help motorists find gasoline prices in their area.