2012 gas prices all but guaranteed to set record highs - WKOW 27: Madison, WI Breaking News, Weather and Sports

2012 gas prices all but guaranteed to set record highs

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MADISON (WKOW) --  Average retail gasoline prices in Madison have fallen 7.2 cents per gallon in the past week, averaging $3.31/g yesterday.

According to gasoline price website MadisonGasPrices.com, this compares with the national average that has fallen 3.7 cents per gallon in the last week to $3.39/g.

Including the change in gas prices in Madison during the past week, prices yesterday were 11.9 cents per gallon higher than the same day one year ago and are 2.9 cents per gallon lower than a month ago.

The national average has decreased 11.3 cents per gallon during the last month and stands 10.0 cents per gallon higher than this day one year ago.

"While the national average continues to fall, we've done the math- the yearly average in 2012 is all but guaranteed to set all time record highs," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

"We still stand at $3.63/gal for a yearly average, and gasoline prices would need to average no more than $2.35/gallon for every day left in 2012 for the national yearly average to drop below 2011, something that appears impossible. In the meanwhile, we have lowered our forecast for Christmas gasoline prices to average between $3.25-$3.35/gallon," DeHaan said.

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