Motorists may see higher gas prices this week, after oil and wholesale gasoline prices made solid gains last week. Here in the 'Boro, some discounters opened the week with $2.07 per gallon regular gas.
Tennessee gas prices rose for the sixth consecutive day on Sunday, snapping a 50-day streak of declines that resulted in a total discount of 35 cents. Gas prices averaged $2.28 on Sunday. The state average is 3 cents more than a week ago, and 22 cents more than this time last year.
Although most metro areas saw pump prices rise a couple of pennies, the biggest weekly increases were seen in Cleveland (+12 cents), Knoxville (+10 cents), Morristown (+9 cents), and Johnson City (+4 cents).
- The most expensive gas price averages in Tennessee are in Nashville ($2.33), Memphis ($2.30), and Knoxville ($2.29)
- The least expensive gas price averages in Tennessee are in Chattanooga ($2.15), Clarksville-Hopkinsville ($2.24), and Johnson City-Kingsport-Bristol ($2.25)
- Click here to view the list of state and metro gas price averages
GASOLINE DEMAND IN OCTOBER FINISHES AT AN 11-YEAR HIGH
- Gasoline demand hit 9.45 million b/d, which is roughly 150,000 b/d more week-on-week and the highest end-October figure since 2006, according to EIA's report for the week ending on October 27.
- Gasoline storage levels dropped by 4 million barrels, signaling that domestic demand remains strong as the national settles into autumn.
- Gasoline production moved higher to 10.175 million barrels per day, reflecting a production level that's close to where it was prior to the highly active hurricane season.
- Oil prices climbed nearly $4 during the past two weeks. WTI reached $55.64/b on Friday - the highest daily settlement since July 2015.
- The price of gasoline on the NYMEX rose 15 cents in the last 11 sessions.
- Wholesale gasoline prices rose an average of 7 cents in the southeastern U.S.
"Drivers are seeing pump prices increase in some markets, due to higher demand and falling supply levels," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "It would not be a surprise to see gas prices rise 5-10 cents this week, since wholesale prices rose an average of 7 cents last week. However, longterm fall gasoline demand is expected to drop in November, which should prevent any significant spike in gas prices before the end of the year."
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.
- Tennessee: the highest average price was $2.60 on September 10. The lowest was $1.99 on July 5.
CURRENT AND PAST PRICE AVERAGES
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