Gas price update and outlook – 1.31.12

Posted: Thursday, February 2, 2012 11:13 am

Average retail gasoline prices in Tennessee have risen 6.6 cents per gallon in the past week, averaging $3.33 per gallon Sunday. This compares with the national average that has increased 4.5 cents per gallon in the last week to $3.39 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 40.3 cents per gallon higher than the same day one year ago and are 21.1 cents per gallon higher than a month ago. The national average has increased 13.5 cents per gallon during the last month and stands 30.4 cents per gallon higher than Sunday one year ago.
“Late last week we saw wholesale gasoline prices rise dramatically on some refinery issues, which leads me to believe that retail gasoline prices will rise in response,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“We continue to also watch how Iran responds to EU sanctions – there are some concerns that they may cut oil to the European region before the sanctions are to take effect to cause these countries hardship when they can’t find new sources of oil quickly enough. That in itself could draw crude oil prices higher quickly at a moments notice,” DeHaan said.
About TennesseeGasPrices.com
GasBuddy operates TennesseeGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app which has been downloaded over 20 million times to help motorists find gasoline prices in their area.

WCP 1.31.12