Gas price update and outlook – 1.03.12
Posted: Wednesday, January 4, 2012 7:02 pm
Average retail gasoline prices in Tennessee have risen 5.8 cents per gallon in the past week, averaging $3.12 per gallon Sunday. This compares with the national average that has increased 2.4 cents per gallon in the last week to $3.25 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 19.9 cents per gallon higher than the same day one year ago and are 4.3 cents per gallon higher than a month ago.
The national average has decreased 4.1 cents per gallon during the last month and stands 20.9 cents per gallon higher than that day one year ago.
“Average gasoline prices are moving up as we enter the New Year, a trend that has held since 2008,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“The biggest problem with that trend holding true this year is that we’re starting 2012 about 20-cents per gallon higher than 2011, breaking yet another high price record and setting up an ugly year for motorists,” DeHaan said.
GasBuddy analysts will also be releasing their 2012 projections in the next two weeks to the media and various organizations, and early indications show this year may see the highest ever recorded prices at the pump, with real potentials for some areas to see close to $5 per gallon gasoline if conflict arises in Iran over several key issues.
GasBuddy.com operates more than 250 live gasoline price-tracking websites, including TennesseeGasPrices.com.