(Murfreesboro) Gas prices are are facing upward pressure as Independence Day quickly approaches. However, prices remain unchanged with a discounter starting the week at $2.49 per gallon.
AAA forecasts nearly 47 million Americans will travel for the holiday. The 39.7 million - who will drive - will find gas prices 50-60 cents more than last year.
Gas prices in Tennessee remain a half cent below what motorists paid this time last year. Sunday's average of $2.60 is 60 cents more than this time last year.
"Gas prices will inch higher during this Independence Day week, on renewed concerns of global oil supply shortages," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Oil prices are back to multi-year highs. Another 5-10 cent increase at the pump would not be out of the question this week, but prices will not rocket high enough to ruin travel plans."
|Independence Day Gas Prices|
Motorists will find the most expensive Independence Day gas prices in three years. In 2015, holiday motorists paid $2.74 per gallon; a huge difference from 2014, when a gallon of regular averaged $3.45.
Click here to view AAA's state and metro gas price averages
- The most expensive gas price averages in Tennessee are in Nashville ($2.65), Jackson ($2.65), and Memphis ($2.63)
- The least expensive gas price averages in Tennessee are in Cleveland ($2.47), Murfreesboro ($2.49), Clarksville-Hopkinsville ($2.53), and Chattanooga ($2.53)
Oil Prices Drag Gas Prices Higher
The rising price of crude oil restored upward pressure on prices at the pump. After trading around $65 per barrel two weeks ago, oil rocketed to $74.15 on Friday. That is the highest daily settlement since November 2014.
Oil prices rose due to the following factors:
- Weekly EIA data showed record high exports of U.S. crude
- EIA also reported a significant drop in U.S. inventories
- The U.S. asked allies to stop buying Iranian crude by November 4
- OPEC and Russia agreed to raise production by a lower amount than what was expected
- Crude production challenges in Canada
Gasoline futures prices rose 11 cents last week on the NYMEX. Wholesale gasoline also rose nearly 10 cents. The higher prices will make it more expensive for retailers to fill their pumps. That added cost is typically passed along to the consumer.
Gas Price Tools
- GasPrices.AAA.com - Daily national, state, and metro gas price averages
- AAA Mobile app - Free app that compares gas prices near you
- Gas Cost Calculator - Determine how much gasoline will cost on your next road trip
Fuel Savings Tips
Drive Sensibly - Aggressive driving (speeding, rapid acceleration and braking) wastes gas.
- Gas mileage can be reduced 15-30% at highway speeds / 10-40% in stop-and-go traffic
- The equivalent of 27¢ - $1.08 per gallon
Observe the speed limit
- Not only is it safer - but it can help you save money
- Gas mileage rapidly declines at speeds above 50 mph
- Every 5 mph you drive over 50 mph is like paying an additional 19 cents per gallon for gasoline
Lose the weight
- Using your trunk for storage can cost you by way of lower fuel economy
- Remove unnecessary items from your vehicle.
- An extra 100 pounds in your vehicle reduces your miles per gallon by about 1%
- Like paying an additional 3 cents per gallon for every 100 pounds
Use cruise control
- Cruise control on the highway helps you maintain a constant speed
- Conversely, constant throttling at high speeds consumes gasoline much faster
Avoid excess idling
- Idling uses a quarter to a half gallon of fuel per hour
- Turn off your engine when your vehicle is parked
- It only takes 10 seconds worth of fuel to restart your vehicle
- Saves time and money
- Fuel economy is better when your engine is warmed up and you make multiple stops
- Keeping your tires inflated to the proper pressure can improve your gas mileage up to 3%
- It can mean the difference of a couple cents per gallon
- Find the recommended tire pressure on a sticker located on the driver's side door jamb
CURRENT AND PAST PRICE AVERAGES
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