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Gas price update and outlook – 3.13.12

Gas price update and outlook – 3.13.12

Posted: Wednesday, March 14, 2012 7:00 pm

Average retail gasoline prices in Tennessee have fallen 0.3 cents per gallon in the past week, averaging $3.58 per gallon Sunday. This compares with the national average that has increased 3.8 cents per gallon in the last week to $3.75 per gallon, according to gasoline price website
Including the change in gas prices in Tennessee during the past week, prices Sunday were 17.7 cents per gallon higher than the same day one year ago and are 13.9 cents per gallon higher than a month ago. The national average has increased 28.3 cents per gallon during the last month and stands 22.4 cents per gallon higher than that day one year ago.
“With a likely peak in gasoline prices still as much as two or more months away, the national average for a gallon of gasoline has already hit the bottom of the range that we projected back in January in our 2012 gasoline price forecast, which is quite concerning,” said senior petroleum analyst Patrick DeHaan.
“While the recent pace of price increases has slowed somewhat, the spotlight will now shift to refining facilities as they start and finish maintenance- any unexpected problems arising from such may cause prices to resume a quick climb,” DeHaan said.
GasBuddy operates and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada.

WCP 3.13.12

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