‘Emotion’ Causes Gas Prices To Rise 12.4 Cents
Monday, January 9, 2012 6:30 am
Tennessee, January 9 - Average retail gasoline prices in Tennessee have risen 12.4 cents per gallon in the past week, averaging $3.24/g yesterday.
This compares with the national average that has increased 7.9 cents per gallon in the last week to $3.34/g, according to gasoline price website TennesseeGasPrices.com.
Including the change in gas prices in Tennessee during the past week, prices yesterday were 30.8 cents per gallon higher than the same day one year ago and are 14.4 cents per gallon higher than a month ago.
The national average has increased 4.7 cents per gallon during the last month and stands 27.0 cents per gallon higher than this day one year ago.
"Gas prices are rising across much of the nation as Iran has continued to threaten closing the Strait of Hormuz, a vital waterway for global oil shipments," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Think back to the days following the start of the crisis in Libya - an event that also rattled energy markets - we're seeing similar emotions play out even though there hasn't yet been a disruption to supply. I would blame emotion for the recent uptick in gasoline prices, nothing else," DeHaan said.