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Posted: November 27, 2012 8:58 p.m.

Area gas prices rise .9 cents in past week

Atlanta, Nov. 26 - Average retail gasoline prices in the area have risen 0.9 cents per gallon in the past week, averaging $3.26/gal yesterday. This compares with the national average that has not moved in the last week to $3.43/gal, according to gasoline price website AtlantaGasPrices.com.

Including the change in gas prices in Atlanta during the past week, prices yesterday were 8.1 cents per gallon higher than the same day one year ago and are 16.6 cents per gallon lower than a month ago. The national average has decreased 14.1 cents per gallon during the last month and stands 11.0 cents per gallon higher than this day one year ago.

"While Thanksgiving 2012 is now behind us, the stigma of record high gasoline prices is not," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Thanksgiving Day 2012 featured the highest ever daily average for the holiday, beating out 2011 by over 10-cents per gallon," DeHaan said.

Despite the recent hike in prices, retail gas prices are forecast to decrease into December.

"Both oil and gas prices are forecast to decrease after the cease fire agreement between Israel and Hamas," said Jessica Brady, AAA spokeswoman, of the Auto Club Group. "The tensions between Israel and its surrounding nations caused oil prices to increase which may have led to the hike in retail gas prices before the holiday weekend."

Now that tensions in the Mideast have eased, it's likely retail gas prices will continue the downward trend prior to the Thanksgiving holiday.

A barrel of oil closed Friday at $88.28 - $1.61 more than the week prior.

The national average price of regular unleaded gasoline is $3.43, 1 cent more than last week. Florida's average of $3.39 increased 5 cents from last week. Tennessee's average of $3.17 rose 2 cents from last week.

 

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