West U Area Gas Prices Jump by 6 Cents, Now Average $3.41 per Gallon

August 7, 2012

Average retail gasoline prices in the West U area have risen 6 cents in the past week, averaging $3.41 per gallon yesterday.

This compares with a national average that increased 9.3 cents per gallon in the last week to $3.60, according to gasoline price website HoustonGasPrices.com.

Senior petroleum analyst Patrick DeHaan said a variety of factors combined to cause oil prices to jump.

“Watching the national average last week, one might have expected war broke out in the Middle East or a major hurricane shutting down production, neither of which happened, yet gasoline prices spiked,” DeHaan said. “The scary thought is what may happen to gasoline prices should one of the two actually take place. The Great Lakes was hosed with refinery issues and a major oil pipeline issue, and while other regions saw increases, they paled in comparison to those in the Great Lakes states. The good news for motorists is that the end to the summer driving season and change to winter-spec fuel is in view, which will likely put downward pressure on gasoline prices.”

Including the change in gas prices in West U during the past week, prices yesterday were 13.2 cents per gallon lower than the same day one year ago and are 21.6 cents per gallon higher than a month ago.

The national average has increased 19.1 cents per gallon during the last month and stands 6.5 cents per gallon lower than this day one year ago.

InstantNewsWestu Staff

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