Gas price update and outlook – 9.11.12

Gas price update and outlook – 9.11.12

Posted: Thursday, September 13, 2012 12:47 pm

Average retail gasoline prices in Tennessee have fallen 1.7 cents per gallon in the past week, averaging $3.64 per gallon Sunday. This compares with the national average that has increased 1.3 cents per gallon in the last week to $3.81 per gallon, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices Sunday were 17.8 cents per gallon higher than the same day one year ago and are 17.8 cents per gallon higher than a month ago.
The national average has increased 14.6 cents per gallon during the last month and stands 14.9 cents per gallon higher than that day one year ago.
“Even with Isaac long gone, the oil industry is still bringing capacity back online- at refineries and oil rigs, which is keeping pressure on prices,” said GasBuddy.com senior petroleum analyst Patrick DeHaan.
“Supply remains tight across the country as we slowly approach the transition to winter-spec gasoline, but I continue to be firm in believing that the national average will start to decline towards the end of September, as is typically the case,” 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.

WCP 9.11.12

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