Gas price update and outlook – 5.22.12
Posted: Thursday, May 24, 2012 9:46 am
Average retail gasoline prices in Tennessee have fallen 7.0 cents per gallon in the past week, averaging $3.39 per gallon Sunday.
This compares with the national average that has fallen 2.8 cents per gallon in the last week to $3.70 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 27.3 cents per gallon lower than the same day one year ago and are 31.8 cents per gallon lower than a month ago.
The national average has decreased 15.1 cents per gallon during the last month and stands 13.7 cents per gallon lower than that day one year ago.
“With Memorial Day a week away, it’s time to put to bed an old myth that gasoline prices rise ahead of a major holiday,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“Average gasoline prices will likely continue to decline in the days ahead of Memorial Day, but folks will still say come next year that prices went up over the weekend this year. It’s a sign of how sensitive motorists become to gasoline prices around the holidays, nothing more, and most of the time, the myth isn’t true. This year will be one of those years – unless you’re on the West Coast, prices have been slowly coming down,” 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.