Gas prices plateaued over the weekend, after an unseasonable jump at the pump last week. Here in the 'Boro a 10-cent increase unified most discounters to $2.18--within a penny of each other.
Tennessee gas prices rose an average of 8 cents in 10 days. Some of the highest weekly hikes were in Knoxville (9 cents), Morristown (7 cents), Chattanooga (7 cents) and Cleveland (7 cents).
The state average's steady climb came to a crawl over the weekend. Tennessee gas prices averaged $2.34 on Sunday, just fractions of a penny less than the day before. The state average is 6 cents more than a week ago and 31 cents more than last year.
"Our usual autumn pump price plunge was interrupted by rising oil prices," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Fortunately, oil prices let off the throttle last week, allowing gas prices to find what appears to be solid ground. However, motorists should expect gas prices to linger at their current levels this week."
"Analysts warn that oil prices could be somewhat volatile this week, as the consolidation of power in Saudi Arabia leaves speculators questioning the impacts on global oil supply," Jenkins continued. "Fortunately, domestic oil supply and production made solid gains. If that becomes a trend, oil prices could drift lower and take gasoline prices with them."
Crude Oil Reaches 2-Year High
Crude oil futures cooled off last week, after climbing nearly $6 in two weeks. The price for a barrel of WTI hit $57.35 on Monday; the highest daily settlement since June 2015.
"Increasing crude oil prices almost always lead to higher prices at the pump," Jenkins continued. "Expensive crude makes it more costly for refineries to produce gasoline, and that price is typically passed along to the consumer. Fortunately, oil prices backed off a bit last week, which pulled the plug on the gas price hike."
What Caused the Sharp Oil Price Increase?
Why is Oil Declining Now?
Gas Price Tools for Reporters/Consumers
Highs and Lows of 2017*
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