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Gas prices push lower before Labor Day weekend, analysts say

Brandon Paykamian • Updated Aug 27, 2018 at 5:50 PM

Gas prices have fallen 2 cents in the past week, according to analysts from GasBuddy and AAA.

Gas prices declined throughout the Southeast ahead of the Labor Day weekend as declining demand and rising supplies have allowed prices to slip lower. Gas prices in Tennessee declined for the 23rd consecutive day Sunday for a total discount of 6 cents, bringing the state average to $2.59 per gallon.

"Pump prices are 40 to 50 cents higher than a year ago, but that spread will be erased by Labor Day," AAA spokesman Mark Jenkins said in a news release. "Holiday travelers will find pump prices at around the same level as last year. In 2017, gas prices spiked before Labor Day after Hurricane Harvey struck the Gulf Coast. This year, motorists should benefit from a relatively quiet hurricane season along the East Coast.

“Although pump prices may fluctuate with surging holiday demand, AAA does not forecast a significant hike unless there is an unexpected disruption in supply."

• The most expensive gas price averages in Tennessee are in Jackson ($2.66), Nashville ($2.64) and Memphis ($2.63)

• The least expensive gas price averages in Tennessee are in Cleveland ($2.50), Chattanooga ($2.52), and Kingsport-Bristol ($2.53)

As of Monday, the average gas price in Johnson City stood at $2.55. Tennessee’s gas prices sit at 4 cents more than last year’s Labor Day average and 44 cents more than this time last year.

"Gas prices nationally saw little change in the last week as oil prices saw a mini-resurgence back to $69 per barrel, stifling the broad relief we saw at pumps the week prior," GasBuddy analyst Patrick DeHaan said in a news release.

"With Labor Day dead ahead, we may see a small rise in the national average this week, depending on oil's move, but largely, this seems like the last week we'll see elevated prices as demand is set to drop with the conclusion of Labor Day weekend.

“The Atlantic remains quiet, so there's little chance of a major disruption for the time being, with the overall consensus that we'll soon see prices falling once again across most of the country."

For more information on local, state and national gas price trends, visit www.gasprices.aaa.com or www.gasbuddy.com.

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