Gas price update and outlook – 7.10.12
Posted: Thursday, July 12, 2012 11:16 am
Average retail gasoline prices in Tennessee have risen 9 cents per gallon in the past week, averaging $3.08 per gallon Sunday.
This compares with the national average that has increased 3.8 cents per gallon in the last week to $3.41 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 38 cents per gallon lower than the same day one year ago and are 11.8 cents per gallon lower than a month ago.
The national average has decreased 15.2 cents per gallon during the last month and stands 21.4 cents per gallon lower than that day one year ago.
After a dramatic decline in gasoline prices in virtually every region in the past month, gasoline prices have started to rise,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“While I don’t necessarily believe that the recent uptick in crude prices will stick, I also don’t see prices falling considerably lower until after the conclusion of the summer driving season, when demand declines, and more expensive blends are phased out,” 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.