logo


no avatar

AAA: Gas, oil prices both on the rise

Staff Report • Jan 16, 2018 at 3:16 PM

NASHVILLE — Gas prices in Tennessee and many other states are still on the rise, despite predictions of a seasonal slide.

Prices at the pump increased across most of the country during the past week, AAA reported, but states in the southeastern U.S. still have some of the cheapest prices in the nation.

Tennessee gas prices increased 6 cents during the past week to $2.34, which is 10 cents more than a month ago and 20 cents more than this time last year, according to AAA.

“Gas prices have yet to travel south for the winter, thanks in large part to a strong oil market,” AAA spokesman Mark Jenkins said in a press release. “The rising price of oil has increased the cost of producing gasoline.”

Most expensive gas prices in the state

• Jackson ($2.37)

• Kingsport-Bristol ($2.36)

• Johnson City ($2.36)

Least expensive gas prices in the state

• Chattanooga ($2.25)

• Clarksville-Hopkinsville ($2.29)

• Cleveland ($2.30)

Climbing oil prices

The price of crude oil reached new heights last week, AAA reported. Factors such as lower levels of both domestic production and supply, cold weather in North America, unrest in Iran and strong economic growth led to the increase.

Energy price outlook

The Energy Information Administration recently released its energy price outlook for this year and next year. The agency said that U.S. regular gasoline retail prices averaged $2.42 per gallon in 2017 and are expected to average $2.57 in 2018 and $2.58 in 2019.

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

Recommended for You