The national average price for regular unleaded gasoline hit their highest price point of 2018 on Saturday at $2.663 per gallon. Here in the 'Boro discounters raised prices 12-cents to open the week at $2.43 per gallon.
Today's average is a half cent more than last week, 13 cents more than a month ago, and 28 cents more than last year. Gas prices have edged higher this week following the Energy Information Administration's (EIA) latest weekly report that showed gasoline stocks dropped by 1.1 million barrels last week. Additionally, demand for gasoline continues to remain robust at 9.2 million barrels a day as the spring driving season kicks off, which saw demand measured at 9.25 million barrels a day at the same time in 2017. Drivers are likely to continue seeing prices increase as stations across the country begin to switch over to the more expensive summer blend ahead of the busy driving season.
"Supply and demand are the biggest factors driving the price at the pump," said Stephanie Milani, Tennessee Public Affairs Director, AAA - The Auto Club Group. "More motorists on the roadways, tight supply, and record crude exports have the potential for higher prices as we head into the spring."
At the close of Friday's formal trading session on the NYMEX, West Texas Intermediate crude oil decreased $1.48 to settle at $62.06. WTI has taken a hit alongside the equities market in the U.S. According to EIA reports, crude exports hit a record high of 15.2 million barrels last week. Domestic crude production also hit a record high 10.5 million barrels a day last week, which contributed to the U.S. shipping more oil to other countries.
Regional Gas Prices
Tennessee gas prices hit their highest price of the week on April 4th at $2.465 a gallon. Today the state average is $2.46, 15 cents higher than one month ago and 32 cents higher than the same time last year.
Gas prices had the most expensive start to April in four years, averaging $2.46 during the first 8 days of the month - an increase of 36 cents from April 2017.
- The most expensive gas price averages in Tennessee are in Nashville ($2.51), Cleveland ($2.49), and Kingsport-Bristol ($2.47)
- The least expensive gas price averages in Tennessee are in Memphis ($2.40), Murfreesboro ($2.430, Knoxville ($2.43), and Chattanooga ($2.44)
Gas Price Tools
- Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com
- Motorists can find the lowest gas prices on their smartphone or tablet with the free AAA Mobile app. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
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