Gas Costs Rising Again

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(MURFREESBORO) Gas prices are back on the rise, now that the oil market is regaining strength. The average price of gas in Tennessee increased 3 cents in the past four days, but it jumped 25-cents in Murfreesboro. Some discounters started the week at $1.94 per gallon here in the 'Boro--NOT the lowest price in the state.

Pump prices in Tennessee are now rising for the first time in more than 12 weeks. Over the course of 90 days, the state average declined a total of 72 cents, saving the average driver more than $10 on a full tank of gas.

An average price of $2 per gallon would still be 33 cents per gallon less than what Tennessee motorists paid this time last year, and 73 cents less than what they paid when gas prices hit their 2018 peak, around Memorial Day.

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Click here to view AAA's state and metro gas price averages

  • Most expensive gas price averages: Nashville ($2.08), Jackson ($2.03), Johnson City ($2.02)
  • Least expensive gas price averages: Cleveland ($1.92), Chattanooga ($1.94), Murfreesboro ($1.94), Memphis ($1.96)

After plunging from $75/b to $43/b at the end of last year, crude prices are back above $50 per barrel; which raises the cost of producing gasoline. The daily price for WTI crude is up more than $6 since January 1. After trading above $53 per barrel last week, WTI settled at $51.59/b Friday on the NYMEX.

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"The new year has breathed new life back into the oil market," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Crude prices have slowly climbed since the beginning of the year, but remain well below the highs seen in 2018. The biggest increases came last week, after Saudi leaders pledged to do whatever it takes to rebalance the market. The recent shift in oil prices isn't enough to cause sticker shock at the pump, but motorists could see an increase of anywhere from 5-10 cents as a result."

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.245 $2.245 $2.240 $2.399 $2.526 $2.97 (5/26/2018) $4.11 (7/17/2008)
Tennessee $1.998 $1.997 $1.975 $2.147 $2.333 $2.73 (5/27/2018) $4.12 (9/15/2008)
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$1.94, AAA, gas prices, Murfreesboro, WGNS
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