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Nashville, TN <\/strong>– Gas prices saw another round of increases last week. Tennessee gas prices<\/a> averaged $2.08 on Sunday. The state average is 3 cents more than last week, and 18 cents more than this time last year. <\/p>\nPeople using the free AAA mobile app are finding gas prices between $1.90 and $2.35. The price for regular unleaded is below $2.00 per gallon at fewer than 25 percent of gas stations in Tennessee; the price is less than $2.25 at 93 percent of gas stations in the state.<\/p>\n
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<\/a>Gas Prices Rise on Strong Demand and Crude Draws.<\/p><\/div>\n
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“Gas prices leveled out over the weekend, but should climb again this week,” said Mark Jenkins, spokesman, AAA The Auto Club Group.<\/p>\n
“Strong demand and another round of supply draws pushed the price of crude to its highest point in 9 weeks, and that trend is expected to continue this week. Gas prices should rise 5-10 cents this week, but remain below this year’s highs, set earlier this year,” Jenkins stated.<\/p>\n
Tennessee’s Most and Least Expensive Gas Prices<\/h3>\n\n- The most expensive<\/strong> gas price averages in Tennessee are in Memphis ($2.14), Nashville ($2.11), and Knoxville ($2.05)<\/li>\n
- The least expensive<\/strong> gas price averages in Tennessee are in Clarksville-Hopkinsville ($2.02), Chattanooga ($2.02), and Johnson City-Kingsport-Bristol ($2.04)<\/li>\n<\/ul>\n
The national average price for regular unleaded was $2.31 on Sunday. After climbing 3 cents in the past week, the national average is now 16 cents more than this time last year. So far this year, gas prices have averaged $2.32. The price for regular unleaded is under $2.00 a gallon at only 10 percent of gas stations across the country. Prices are above $2.25 at 53 percent of U.S. gas stations. <\/p>\n
Crude Oil Reaches 9-Week High<\/h3>\n
The price per barrel of crude pushed higher this week, following news from OPEC that its members pledged to reduce exports and the EIA weekly report showing a decline in crude inventories. At OPEC\u2019s meeting on Monday to discuss the status of its production reduction agreement, Saudi Arabia stated its plans to limit crude exports to 6.6 million barrels per day in August, about 1 million b\/d below the level last year.<\/p>\n
Kuwait and the United Arab Emirates also agreed to cut exports amid rising fears in the market that growth in production and exports from member countries may be undercutting the cartel\u2019s efforts to restrict supplies and raise prices in the global market. Additionally, EIA reported a 7.2 million barrel drop in U.S. crude inventories for the week ending on July 21st \u2013 a much higher number than expected.<\/p>\n
All of the news has given investors greater confidence in crude inventories continuing to shrink, leading the price per barrel of crude to move toward highs not seen since the end of May. Higher crude prices will contribute to rising gas prices, so if crude prices continue to push upward, drivers are likely to see it reflected at the pump.<\/p>\n
Highs and Lows of 2017*<\/h3>\n\n- The highest national <\/strong>average price for gasoline, so far this year was $2.42 on April 21st; the lowest was $2.23 on July 5th.<\/li>\n
- The highest average price in Tennessee<\/strong>, so far this year, was $2.18 on April 20th; the lowest was $1.99 on July 5th.
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The national average price for regular unleaded was $2.31 on Sunday. After climbing 3 cents in the past week, the national average is now 16 cents more than this time last year. So far this year, gas prices have averaged $2.32. The price for regular unleaded is under $2.00 a gallon at only 10 percent of gas stations across the country. Prices are above $2.25 at 53 percent of U.S. gas stations. <\/p>\n
Crude Oil Reaches 9-Week High<\/h3>\n
The price per barrel of crude pushed higher this week, following news from OPEC that its members pledged to reduce exports and the EIA weekly report showing a decline in crude inventories. At OPEC\u2019s meeting on Monday to discuss the status of its production reduction agreement, Saudi Arabia stated its plans to limit crude exports to 6.6 million barrels per day in August, about 1 million b\/d below the level last year.<\/p>\n
Kuwait and the United Arab Emirates also agreed to cut exports amid rising fears in the market that growth in production and exports from member countries may be undercutting the cartel\u2019s efforts to restrict supplies and raise prices in the global market. Additionally, EIA reported a 7.2 million barrel drop in U.S. crude inventories for the week ending on July 21st \u2013 a much higher number than expected.<\/p>\n
All of the news has given investors greater confidence in crude inventories continuing to shrink, leading the price per barrel of crude to move toward highs not seen since the end of May. Higher crude prices will contribute to rising gas prices, so if crude prices continue to push upward, drivers are likely to see it reflected at the pump.<\/p>\n
Highs and Lows of 2017*<\/h3>\n\n- The highest national <\/strong>average price for gasoline, so far this year was $2.42 on April 21st; the lowest was $2.23 on July 5th.<\/li>\n
- The highest average price in Tennessee<\/strong>, so far this year, was $2.18 on April 20th; the lowest was $1.99 on July 5th.
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