Gas price update and outlook – 5.15.12
Posted: Thursday, May 17, 2012 4:10 pm
Average retail gasoline prices in Tennessee have fallen 7.7 cents per gallon in the past week, averaging $3.47 per gallon Sunday. This compares with the national average that has fallen 3.3 cents per gallon in the last week to $3.73 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 28.9 cents per gallon lower than the same day one year ago and are 29.7 cents per gallon lower than a month ago. The national average has decreased 16.5 cents per gallon during the last month and stands 20.3 cents per gallon lower than that day one year ago.
“While gasoline prices east of the Rockies have been falling, the West Coast remains at the mercy of refinery production,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“The entire West Coast right now is looking for any reason for a continuation in the price rally we’ve seen in the last week as supply remains tight, and stakes high as Memorial Day weekend is just two weeks away. While pump prices may continue their decline outside the West Coast, any refinery blip certainly has the potential for localized hotspots, and motorists should be aware of that,” DeHaan added.
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.