Gas price update and outlook – 11.15.11
Posted: Thursday, November 17, 2011 10:27 am
Average retail gasoline prices in Tennessee have risen 1 cent per gallon in the past week, averaging $3.23 per gallon Sunday. This compares with the national average that has fallen 1.1 cents per gallon in the last week to $3.43 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 52.0 cents per gallon higher than the same day one year ago and are 3.5 cents per gallon lower than a month ago. The national average has decreased 4.4 cents per gallon during the last month and stands 54.4 cents per gallon higher than Monday one year ago.
“We certainly have some shifts going on in the market as diesel production is favored over gasoline, meaning refiners will boost production of distillate at the cost of gasoline production.
“Diesel and middle distillate demand remains strong while gasoline demand is somewhat weak, causing gasoline to seemingly disconnect from the upward trend of the crude oil and distillate market,” Patrick DeHaan, GasBuddy.com senior petroleum analyst, said.