During the past week, gas prices in Tennessee have risen by six cents. Memorial Day saw the highest state average for gas prices since 2014, coming in at $2.73. According to the AAA Auto Club press release, it now costs $41 to fill up an average sized car.
According to the GasBuddy press release, Tennessee's gas prices on Monday were 62 cents per gallon higher than the same day one year ago and are 12.8 cents per gallon higher than a month ago.
The national average also increased last month by 15.8 cents per gallon and stands 60.6 cents per gallon higher than this day one year ago.
Motorists can possibly look forward to a drop in gas prices this summer, however. According to Dan McTeague from GasBuddy, motorists can expect to be reaping the benefits of lower gas prices quite soon.
“We are already seeing a drop in gas prices,” McTeague said. “Many may not have seen the benefits of the drop yet, but they will.”
Why the sudden drop in gas prices, after they have reached record highs? According to McTeague, the drop in prices can be attributed to Russia and Saudi Arabia’s interest in increasing their manufacturing of oil, bringing the prices down, thus also bringing down the price of gas in the United States.
Though a concrete decision has not been made yet, Russia and Saudi Arabia’s interest in increasing their production of oil may come as a shock to some. Saudi Arabia and Russia are both part of a voluntary production cut agreement among OPEC and non-OPEC oil producing countries. This agreement was part of an effort to reduce the global overuse of oil, and also decrease the cost of oil. The efforts are working, so well, in fact, that some fear a shortage of supplies, especially given the recent sanctions against Iran, which will reduce the amount of oil they can globally distribute.
The complex diplomatic ties to oil may be difficult to completely understand, but they have implications all over the world, even here. If this deal goes through, gas prices will drop. McTeague says the drop in prices will be nowhere near record-breaking lows, but that motorists can expect prices to drop by 10 to 12 cents.