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Gas price update and outlook – 10.04.11

Gas price update and outlook – 10.04.11

Posted: Wednesday, October 5, 2011 7:01 pm

Average retail gasoline prices in Tennessee have fallen 7.0 cents per gallon in the past week, averaging $3.20/gallon Sunday.
This compares with the national average that has fallen 5.9 cents per gallon in the last week to $3.46/gallon, according to gasoline price website TennesseeGasPrices.com.
In Weakley and Obion counties, gas prices within Martin continue to be 10 to 12 cents higher than its neighbors in Dresden and Union City.
In the last 36 hours, the website listed gas prices in Martin averaging between $3.17 and $3.18 per gallon for regular unleaded.
Gas prices in Dresden were reportedly $3.05-$3.07/gallon and Union City also averaging $.05-$3.07/gallon.
Including the change in gas prices in Tennessee during the past week, prices yesterday were 64.7 cents per gallon higher than the same day one year ago and are 27.2 cents per gallon lower than a month ago.
The national average has decreased 20.3 cents per gallon during the last month and stands 73.3 cents per gallon higher than this day one year ago.
“Motorists are certainly delighted that average gasoline prices are at their lowest since early March, but compared to prices a year ago, motorists are still feeling a pinch at the pump,” said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst.
“It’s great to see gasoline prices falling, but at the same time, prices a year ago were nearly 75 cents less per gallon.
“The good news is that over the upcoming weeks, there will continue to be factors that could put more downward pressure on oil and gasoline prices. I continue to expect that average gasoline prices will bounce between $3.25-$3.50 for much of the rest of 2011,” DeHaan adds.
Courtesy of TennesseeGasPrices.com

WCP 10.04.11

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