According to the website, MemphisGasPrices.com, average retail gasoline prices in Memphis have risen 23.2 cents per gallon in the past week, averaging $3.24 per gallon Sunday. This compares with the national average that has increased 17.0 cents per gallon in the last week to $3.34 per gallon.
Including the change in gas prices in Memphis during the past week, prices yesterday were 67.3 cents per gallon higher than the same day one year ago and are 34 cents per gallon higher than a month ago. The national average has increased 25.3 cents per gallon during the last month and stands 64.9 cents per gallon higher than this day one year ago.
Let me do some math here: If you use 10 gallons a week, you're spending $6.73 more a week than you were a year ago. That's about $343 more a year in fuel costs for a small consumer. Extrapolate that for delivery costs for the trucking industry, shipping costs for retailers, grocers, etc., and we're looking at substantial cost of living increases for all of us.
In the short term, we'd better pray for quick stabilization in the Middle East. In the long term, we'd better be investing in more fuel-efficient technology and vehicles and figuring out how to reduce our consumption of that crude black stuff. Check out memphisgasprices.com for the best prices in the area.