Gas price update and outlook – 7.31.12
Posted: Wednesday, August 1, 2012 7:00 pm
Average retail gasoline prices in Tennessee have risen 1.4 cents per gallon in the past week, averaging $3.27 per gallon Sunday.
This compares with the national average that has increased 0.4 cents per gallon in the last week to $3.50 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 29.9 cents per gallon lower than the same day one year ago and are 27.5 cents per gallon higher than a month ago.
The national average has increased 12.1 cents per gallon during the last month and stands 20.2 cents per gallon lower than that day one year ago.
“While motorists in many regions saw gasoline prices stabilize over the last week, it’s only a matter of time before last week’s rise in wholesale prices translates to a continued march higher on the retail level,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“The late week rally in stocks seemed to also fuel commodities higher, leading me to believe that pump prices will again pick up over the next week,” 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.