West U Area Gas Prices Retreat Slightly, Now Averaging $3.86 per Gallon

April 17, 2012

After weeks of a relentless upward climb, West U area gasoline prices appear to have stalled just short of the $3.90 mark, even dropping by almost two cents last week.

Average retail gas prices in West U dropped 1.8 cents in the past week, averaging $3.86 per gallon as of yesterday.

The local price compares with a national average that has fallen 1.4 cents per gallon in the last week to $3.89, according to gasoline price website HoustonGasPrices.com.

Despite the slight drop, senior petroleum analyst Patrick DeHaan said gas prices “will remain quite volatile” for the next four to six weeks.

“Spot prices, a leading factor in retail gasoline prices, continue to swing wildly from region to region. Last week we saw a refinery fire on the West Coast drive up spot prices nearly instantaneously, an event that could occur in virtually any area,” DeHaan said. “It’s these events, the unforeseeable reaction, that gives me reason to say that prices may continue to swing upward and downward.”

Including the change in gas prices in West U during the past week, prices yesterday were 12.3 cents per gallon higher than the same day one year ago and 9.6 cents per gallon higher than a month ago.

The national average has increased 9.1 cents per gallon during the last month and stands 9.3 cents per gallon higher than this day one year ago.

InstantNewsWestu Staff

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