2017 saw gas price swings, 2018 starting off in the middle
Tennessee’s gas prices swung 61 cents per gallon in 2017, from a low under $2.00 a gallon in July to a high of $2.60 in the fall. The low price of $1.99 was recorded July 5, while the high happened Sept. 10. Gas prices currently hang between those two marks, with Tri-Cities motorists paying the highest prices in the state..
Tennessee gas prices increased 6 cents during the past week. The state average of $2.34 is 10 cents more than a month ago, and 20 cents more than this time last year.
- The most expensive gas price averages in Tennessee are in Jackson ($2.37), Kingsport-Bristol ($2.36), and Johnson City ($2.36)
- The least expensive gas price averages in Tennessee are in Chattanooga ($2.25), Clarksville-Hopkinsville ($2.29), and Cleveland ($2.30)
“Gas prices have yet to travel south for the winter, thanks in large part to a strong oil market,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The rising price of oil has increased the cost of producing gasoline.”
The price of crude reached new multi-year highs last week. Factors like lower levels of both domestic production and supply, cold weather in North America, unrest in Iran, and strong economic growth helped spur the increase.
U.S. regular gasoline retail prices averaged $2.42/gal in 2017 and are forecast to average $2.57/gal in 2018.