Gas price update and outlook – 3.06.12
Posted: Thursday, March 8, 2012 10:40 am
Average retail gasoline prices in Tennessee have risen 0.6 cents per gallon in the past week, averaging $3.58 per gallon Sunday. This compares with the national average that has increased 5.2 cents per gallon in the last week to $3.71 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 21.2 cents per gallon higher than the same day one year ago and are 20.9 cents per gallon higher than a month ago.
The national average has increased 27.8 cents per gallon during the last month and stands 24.1 cents per gallon higher than this day one year ago.
“Gasoline prices have spiked considerably higher in virtually every area over the last two weeks, and while I don’t expect the pace of the recent rise in prices to continue for the entire month, a similar jump may again occur closer to April Fool’s Day, and it won’t be a funny joke, it’ll be disgusting reality,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“The rise in price is so unbelievable that we may have to revise upward our previous gasoline forecast that had called for a national average of between $3.75 to $4.15 by mid-May, as the national average already stands at nearly $3.72 per gallon,” DeHaan said.
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.