Gas price update and outlook - 7.03.12
Posted: Friday, July 6, 2012 12:38 pm
Average retail gasoline prices in Tennessee have fallen 6.8 cents per gallon in the past week, averaging $2.99 per gallon Sunday. This compares with the national average that has fallen 6.6 cents per gallon in the last week to $3.37 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices yesterday were 36.3 cents per gallon lower than the same day one year ago and are 27.4 cents per gallon lower than a month ago. The national average has decreased 24.0 cents per gallon during the last month and stands 19.8 cents per gallon lower than that day one year ago.
“Oil prices rose significantly last Friday, reversing a downward trend,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“It was the largest single day jump in recent memory. In some areas of the country, specifically the Great Lakes, gas station margins are fast approaching negative territory, meaning price hikes can be expected there. Other regions may see prices stabilize or jump higher as well. One thing is for sure- the yellow brick road won’t be leading us to cheaper pumps for much longer, something many Americans will undoubtedly tie to the upcoming holiday,” DeHaan said.
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.