Gas prices rise 3 cents, ending 50-day streak of declines

Holly Viers • Nov 7, 2017 at 1:30 PM

After 50 consecutive days of falling gas prices, prices at the pump are on the rise again, increasing an average of 3 cents in Tennessee last week.

Gas prices averaged $2.28 on Sunday according to AAA, 22 cents more than this time last year. Although most metro areas saw pump prices rise by a couple pennies, the biggest weekly increases were seen in Cleveland (+12 cents), Knoxville (+10 cents), Morristown (+9 cents) and Johnson City (+4 cents), AAA reported.

“Drivers are seeing pump prices increase in some markets due to higher demand and falling supply levels,” said Mark Jenkins, AAA spokesman, in a press release. “It would not be a surprise to see gas prices rise 5-10 cents this week, since wholesale prices rose an average of 7 cents last week. However, long-term fall gasoline demand is expected to drop in November, which should prevent any significant spike in gas prices before the end of the year.”

AAA says strong demand has put upward pressure on gas prices. Gasoline demand hit 9.45 million b/d, which is roughly 150,000 b/d more week-on-week and the highest end-October figure since 2006, according to EIA's report for the week ending on Oct. 27.

The most expensive gas price averages in Tennessee are in Nashville ($2.33), Memphis ($2.30) and Knoxville ($2.29), according to AAA, while the least expensive averages are in Chattanooga ($2.15), Clarksville-Hopkinsville ($2.24) and the Tri-Cities ($2.25).

Nationally, the average price for a gallon of gas was $2.53 on Sunday, 6 cents more than a week ago and 31 cents more than last year.

To view daily gas price averages, visit www.GasPrices.AAA.com.

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