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AAA report: Gas prices rise four cents as supplies dip

Johnson City Press • Updated Mar 19, 2018 at 6:47 PM

Gas prices are on the rise yet again after declining for nearly two weeks, according to an AAA report released Monday.

While Tennessee gas prices declined early last week, they recently rose 4 cents, leaving Sunday’s state average price for regular unleaded gas at $2.34 – 30 cents more than this time last year.

The most expensive gas is in the Nashville area, with an average price of $2.39. The least expensive gas is in Chattanooga at $2.26 and the Clarksville-Hopkinsville area at $2.30.

"There are a few of factors that gave gas prices a boost, but this time it wasn't crude oil," spokesman Mark Jenkins said in the press release. "Gasoline supplies took a sharp dip last week, as exports rose and refineries began to switch from summer to winter-blend gasoline. In addition, demand in the Southeast — especially in Florida — is strong, as Americans hit the road for spring break.

"We also noticed strong gains in wholesale gasoline prices last week, which should signal additional increases at the pump this week.”

Wholesale gasoline prices climbed 10-15 cents Wednesday through Friday. Based on current wholesale levels, prices at the pump could continue to climb another 5 cents. Meanwhile, analysts say crude oil prices hovered around $60-62 per barrel, where they have remained for the past two weeks.

Highs and Lows of 2018

• National: the highest average price for gasoline was $2.67 on Feb. 6; the lowest was $2.49 on Jan. 3.

• Tennessee: the highest average price was $2.41 on Feb. 7; the lowest was $2.26 on Jan. 1.

For more information on local, state and national gas prices, visit www.gaspricesaaa.com.

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