Tennessee drivers are currently paying an average of $2.04 per gallon at the pump, while the average price in the Tri-Cities is 3 to 4 cents lower. The state average rose 2 cents last week but is now inching lower again, AAA reported.
Gas prices are 7 cents higher than the lowest price so far this year. Even so, drivers in Tennessee are still paying 36 cents per gallon less than this time last year, according to AAA.
“Drivers continue to find gas prices that are well below what they paid this time last year,” said Mark Jenkins, AAA spokesman, in a press release. “Low oil prices have helped keep gas prices relatively low so far this year. However, prices should bounce higher this spring, as demand climbs and refineries switch to a more expensive-to-produce summer-blend gasoline. AAA forecasts the national average to peak around $2.75 per gallon by Memorial Day weekend.”
Most expensive gas prices in the state
• Nashville ($2.09)
• Jackson ($2.05)
• Clarksville-Hopkinsville ($2.02)
Least expensive gas prices in the state
• Chattanooga ($1.97)
• Johnson City ($2.00)
• Kingsport-Bristol ($2.01)
What about oil?
Crude oil prices trended lower last week, AAA reported. The U.S.-benchmark West Texas Intermediate (WTI) crude settled at $52.64 per barrel on Friday, $2.62 per barrel less than the week before.
This was the first weekly decline in crude oil prices in five weeks. Concerns re-emerged late last week that the ongoing U.S.-China trade war could slow global demand.
This overshadowed optimism in the market that OPEC cuts and sanctions against Venezuela exports are helping to balance global supplies, according to AAA. So far this year, the highest daily settlement of WTI was $55.26 per barrel on Feb. 1.
To view daily gas price averages, visit GasPrices.AAA.com.