Buffalo Weekly Gas Price Update and Outlook

March 13, 2012 Updated Mar 13, 2012 at 11:20 AM EDT

By WKBW News

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Buffalo Weekly Gas Price Update and Outlook

March 13, 2012 Updated Mar 13, 2012 at 11:20 AM EDT

(WKBW release) Average retail gasoline prices in Buffalo have fallen 1.1 cents per gallon in the past week, averaging $3.97 per gallon on Sunday.

This compares with the national average that has increased 3.8 cents per gallon in the last week to $3.75/g, according to gasoline price website BuffaloGasPrices.com.

Including the change in gas prices in Buffalo during the past week, prices Sunday were 28.5 cents per gallon higher than the same day one year ago and are 20.9 cents per gallon higher than a month ago. The national average has increased 28.3 cents per gallon during the last month and stands 22.4 cents per gallon higher than this day one year ago.

"With a likely peak in gasoline prices still as much as two or more months away, the national average for a gallon of gasoline has already hit the bottom of the range that we projected back in January in our 2012 gasoline price forecast, which is quite concerning," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "While the recent pace of price increases has slowed somewhat, the spotlight will now shift to refining facilities as they start and finish maintenance- any unexpected problems arising from such may cause prices to resume a quick climb."