West U Gas Prices Jump More Than 11 Cents, Now Average $3.17 per Gallon

January 10, 2012

The price of a gallon of gasoline in West U jumped 11.1 cents in the past week, reaching an average of $3.17 per gallon as of yesterday.

Nationally, the average increased 7.9 cents per gallon in the last week to $3.34, according to gasoline price website HoustonGasPrices.com.

Petroleum analyst Patrick DeHaan said much of the increase is the result of potential problems in the Middle East.

“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,” DeHaan said. “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.”

Including the change in gas prices in West U during the past week, prices yesterday were 27.9 cents per gallon higher than the same day one year ago and are 9.4 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.

InstantNewsWestu Staff

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