Gas price update and outlook – 4.03.12

Posted: Wednesday, April 4, 2012 7:48 am

Average retail gasoline prices in Tennessee have risen 2.9 cents per gallon in the past week, averaging $3.75 per gallon Sunday. This compares with the national average that has increased 3.2 cents per gallon in the last week to $3.89 per gallon, according to gasoline price website TennesseeGasPrices.com. Including the change in gas prices in Tennessee during the past week, prices Sunday were 25.5 cents per gallon higher than the same day one year ago and are 16.9 cents per gallon higher than a month ago. The national average has increased 18.6 cents per gallon during the last month and stands 26.8 cents per gallon higher than this day one year ago.
“The national average has finally showed some signs of slowing down, and gasoline prices in dozens of areas have virtually stabilized after rising for two to three consecutive weeks,” said GasBuddy.com senior petroleum analyst Patrick DeHaan. “The rally in gasoline prices started in March, we could have dubbed it March Madness, to coincide with the flurry of college basketball games, but as the tournament winds down, gasoline prices too have slowed their increase, and maybe, just maybe, gasoline prices are closer to a peak than we initially expected,” DeHaan said.

WCP 4.03.12