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Gas price update and outlook – 10.18.11

Gas price update and outlook – 10.18.11

Posted: Wednesday, October 19, 2011 7:03 pm

Average retail gasoline prices in Tennessee have risen 8.6 cents per gallon in the past week, averaging $3.29 per gallon Sunday. This compares with the national average that has increased 6.3 cents per gallon in the last week to $3.49 per gallon, according to TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices yesterday were 62.2 cents per gallon higher than the same day one year ago and are 9.9 cents per gallon lower than a month ago.
The national average has decreased 12 cents per gallon during the last month and stands 66.3 cents per gallon higher than Monday one year ago.
“Highlighting what I’ve reiterated for weeks, we’re seeing gasoline prices continue their volatile trend, and this time that trend is upward,” said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst.
“So far, the national average hasn’t taken off like the number of Detroit Lions football fans, but I do expect that over the next week, we’ll see a continued rise in gasoline prices. Prices will rise slowest in the Rockies, while moving fastest in the Great Lakes, as we’ve already witnessed. It’s important to note that wholesale gasoline prices are now at their highest since early September, when the national average was $3.66 per gallon,” he added.

WCP 10.18.11

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