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Gas prices fell over July 4th holiday period

July 8th, 2013 11:21 am by Staff Report

Gas prices fell over July 4th holiday period

MGN online graphic

Gas prices fell last week during the busiest summer holiday weekend and continue to fall this week, according to AAA East Tennessee.

In 2011 and 2012, gas prices rose after the Independence Day holiday, and AAA said that may be the trend again this year.
Crude closed at more than $100 last week—the highest settlement since May 2012.

"The unrest in Egypt is helping to push prices higher. While Egypt isn’t a crude-producing country it controls the Suez Canal which is used to distribute crude oil globally and unrest in the country causes concern over crude oil supply disruption. Additionally, payroll numbers increased in the U.S. which may increase demand for gasoline," AAA East Tennessee said in its weekly Fuel Gauge Report.

Tennessee’s average continues to be one of the lowest in the country at $3.25. The three states with averages lower than Tennessee are South Carolina, Alabama and Missouri.

The national average this week is $3.47. In Knoxville the average is $3.17 and in the Tri Cities it's $3.20.

AAA says that for he best efficiency, drivers should make sure their cars are in good shape, reduce excess weight in the car, use the most fuel efficient vehicle possible, and combine trips to reduce gasoline use.

Other options are to take public transit where possible or ride a bike. Other suggestions and the AAA Fuel Cost Calculator can be found online at AAA.com.

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