Gas price update and outlook - 8.07.12
Posted: Thursday, August 9, 2012 9:32 am
Average retail gasoline prices in Tennessee have risen 12.6 cents per gallon in the past week, averaging $3.40 per gallon Sunday.
This compares with the national average that has increased 9.3 cents per gallon in the last week to $3.60 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 13.7 cents per gallon lower than the same day one year ago and are 32.9 cents per gallon higher than a month ago.
The national average has increased 19.1 cents per gallon during the last month and stands 6.5 cents per gallon lower than that day one year ago.
“Watching the national average last week, one might have expected war broke out in the Middle East or a major hurricane shutting down production, neither of which happened, yet gasoline prices spiked,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“The scary thought is what may happen to gasoline prices should one of the two actually take place. The Great Lakes was hosed with refinery issues and a major oil pipeline issue, and while other regions saw increases, they paled in comparison to those in the Great Lakes states. The good news for motorists is that the end to the summer driving season and change to winter-spec fuel is in view, which will likely put downward pressure on gasoline prices,” 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.