Oil prices reached new heights yesterday, causing a bump in the road for falling gas prices. Discounters across the 'Boro made equal 14-cent jumbs to $2.19 per gallon. Tennessee gas prices climbed nearly a full cent overnight. The state average is $2.24, after rising 2 cents during the past week.
During the past 8 days, the needle has pointed up for gas prices in Tennessee, although the state average has only risen 2 cents during that time. On Christmas Day, the state average of $2.23 was 14 cents more than the year before, and the highest price for the holiday in three years.
- The most expensive gas price averages in Tennessee are in Jackson ($2.32), Nashville ($2.27), and Morristown ($2.26)
- The least expensive gas price averages in Tennessee are in Chattanooga ($2.13), Clarksville-Hopkinsville ($2.17), and Johnson City ($2.17)
For the first time since June 2015, the price of oil exceeded $60 a barrel on the NYMEX yesterday. The daily increase totaled $1.50/b which would normally amount to 3-4 cents at the pump. Oil prices rose after an explosion on a pipeline in Libya, which feeds one of the country's export terminals. In addition to that, struggles continue, on restoring service to a pipeline in the North Sea.
"We may see moderate increases at the pump this week, but the downward trend should resume in the new year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "After the holidays, gasoline demand takes a sharp turn lower, because fewer people take extended road trips in January. The weak demand, plus high refinery output should keep gas prices low. However, motorists should prepare for the seasonal 30-70 cent surge in the spring, as refineries conduct maintenance."
Highs and Lows of 2017*
- National: the highest average price for gasoline was $2.67 on September 8. The lowest was $2.23 on July 5.
- Florida: the highest average price in was $2.73 on September 9. The lowest was $2.13 on July 17.
- Georgia: the highest average price was $2.76 on September 12. The lowest was $2.08 on July 5.
- Tennessee: the highest average price was $2.60 on September 10. The lowest was $1.99 on July 5.
Gas Price Tools for Reporters/Consumers
- GasPrices.AAA.com - Daily national, state, and metro gas price averages.
- AAA Mobile app - Free app that shows current prices at a gas station near you.
CURRENT AND PAST PRICE AVERAGES
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