Gas price update and outlook – 12.20.11

Posted: Wednesday, December 21, 2011 7:03 pm

Average retail gasoline prices in Tennessee have fallen 3.1 cents per gallon in the past week, averaging $3.05 per gallon Sunday.
This compares with the national average that has fallen 4.3 cents per gallon in the last week to $3.23 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 24 cents per gallon higher than the same day one year ago and are 11.8 cents per gallon lower than a month ago.
The national average has decreased 13.4 cents per gallon during the last month and stands 26.4 cents per gallon higher than that day one year ago.
“Gas prices across much of the nation continue their downward move, bringing the national average for a gallon down to its lowest level since late February,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“While some motorists are thinking these falling gasoline prices are nice, I’ll unpleasantly remind them that gasoline prices will still set record highs this Christmas across much of America – motorists have never seen average prices this high on Christmas.
“As prices typically reach a low point during early winter, this sets up a troubling start to 2012 in terms of gasoline prices. Summer gasoline prices typically are 80-120 cents per gallon higher than where prices stand around Christmas,” DeHaan added.
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GasBuddy.com operates over 250 live gasoline price-tracking websites, including TennesseeGasPrices.com. GasBuddy.com was named one of Time magazine’s 50 best websites and to PC World’s 100 most useful websites of 2008.

WCP 12.20.11