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Gas price update and outlook – 6.19.12

Gas price update and outlook – 6.19.12

Posted: Thursday, June 21, 2012 1:33 pm

Average retail gasoline prices in Tennessee have fallen 4.4 cents per gallon in the past week, averaging $3.15 per gallon Sunday. This compares with the national average that has fallen 3.2 cents per gallon in the last week to $3.53 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 29.2 cents per gallon lower than the same day one year ago and are 25.8 cents per gallon lower than a month ago. The national average has decreased 17.6 cents per gallon during the last month and stands 12.6 cents per gallon lower than this day one year ago.
“I have a sneaking suspicion that the election in Greece may stir up oil prices this week, and we could see oil prices gain as markets feel more upbeat about the economic situation,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“While any gains in oil prices won’t likely be immediately felt, the debt situation in Europe bears keeping a close eye on as it has far reaching global implications. Outside of that situation, West Coast wholesale gasoline prices are now among the lowest in the nation with California, Oregon, and Washington seeing their averages drop back under $4 per gallon, while the nation’s midsection may see prices rising in the week ahead,” DeHaan said.

WCP 6.19.12

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