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Declining gas prices won’t last much longer, AAA says

Staff Report • Feb 26, 2018 at 10:30 PM

NASHVILLE – Tennessee gas prices have steadily declined over the past couple of weeks, but that downward trend is likely coming to an end.

Refineries are entering their seasonal maintenance period, which can place significant upward pressure on prices at the pump, AAA reported.

“Energy prices are rising again, which should signal the end for the steady slump at the pump,” said Mark Jenkins, AAA spokesman, in a press release. “Wholesale gasoline prices jumped last week amid reports that refinery activity along the Gulf Coast is slowing down. This will make it more expensive for retailers to purchase gasoline, and that added expense will eventually be passed along to the consumer.

“Based on movements in the market last week, the short-term increase could amount to only a few cents, but motorists should expect a minimum total increase of 20-30 cents this spring."

Gas prices in Tennessee declined 10 cents over the past 19 days, though prices for the month of February are still the highest they’ve been in four years, according to AAA.

The state average of $2.31 is 3 cents less than a week ago and 7 cents less than last month. Even so, motorists are paying 24 cents per gallon more than this time last year — a difference of $4 for an average-sized tank of gasoline, AAA reported.

Most expensive gas prices in the state

• Nashville ($2.35)

• Jackson ($2.35)

• Memphis ($2.33)

Least expensive gas prices in the state

• Cleveland ($2.24)

• Chattanooga ($2.25)

• Clarksville-Hopkinsville ($2.26)

Highs and lows of 2018

• Tennessee: The highest average price for a gallon of gas was $2.41 on Feb. 7; the lowest was $2.26 on Jan. 1.

• National: The highest average price for a gallon of gas was $2.61 on Feb. 6; the lowest was $2.49 on Jan. 3.

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

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