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Tennessee gas prices climb 5 cents last week

Staff Report • Oct 1, 2018 at 9:00 PM

NASHVILLE — Gas prices in Tennessee are on the rise.

Prices at the pump rose 5 cents last week, AAA reported. Sunday’s state average of $2.63 per gallon is 3 cents more than a month ago and 15 cents more than this time last year.

Tennessee gas prices have hovered within 5 cents of their current range since early June, according to AAA. Prices remain 10 cents less than this year's high, which was established during Memorial Day weekend.

“Concerns about how sanctions against Iranian crude will impact global oil supply began to weigh on the market last week,” said Mark Jenkins, AAA spokesman, in a press release. “Crude oil prices climbed and dragged gasoline prices higher as a result.

“The $5 per barrel shift in crude can signal a 25-cent hike at the pump. However, low seasonal gasoline demand and a cheaper-to-produce winter-blend gasoline … should offset some of that upward pressure.”

Most expensive gas prices in the state

• Jackson ($2.67)

• Nashville ($2.66)

• Memphis ($2.63)

Least expensive gas prices in the state

• Chattanooga ($2.55)

• Clarksville-Hopkinsville ($2.57)

• Johnson City ($2.57)

September trends

Tennessee motorists found the most expensive September at the gas pump in four years, AAA reported. Pump prices averaged $2.59 per gallon last month, 5 cents more per gallon than September 2017 and 52 cents more than September 2016.

The higher prices this year are mostly attributed to more expensive crude oil, according to AAA. West Texas Intermediate (WTI) crude averaged $70 per barrel last month, which is $20 per barrel more than September 2017 and $25 per barrel more than September 2016.

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

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