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Tampa, FL – Prices at the pump increased last week as anticipated, yet are pointing lower again as we move into Monday.
Gas prices in Tennessee increased 4 cents during the past week. Sunday’s state average of $2.65 is 4 cents more than a month ago and 51 cents more than last year.
Gas prices in July averaged $2.61 per gallon. That was the highest monthly average for July since 2014.
Summer gas prices are poised to be the most expensive in four years. Since June 1st, Tennessee gas prices averaged $2.63 per gallon – 55 cents more than the average price last summer.
“Prices at the pump have pinballed around this summer, but fortunately have remained within a 20 cent range,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The limited swings in pump prices and a strong economy has led to one of the biggest driving summers in history. Prices should slip lower this week, due to falling futures prices on the stock market. However, demand historically remains strong through August, which should prevent prices from slipping anywhere near the lows we saw last year.”
Click here to view AAA’s state and metro gas price averages
EIA data released on Wednesday showed signs that the summer driving season remains in full throttle. Weekly gasoline demand numbers reached near record highs. That strong demand has cut deeply into supply levels – which declined five consecutive weeks, for a total decline of nearly five percent.
As demand surges, refineries are working hard. Gasoline production for the week ending July 27th, was 2 percent stronger than a year ago, and the fifth-highest weekly rate in history – the highest was the week of Independence Day 2018.
Crude production remains about 16.3 percent stronger than last year. Although oil inventories increased nearly 1-percent, supplies remain 15 percent below last year.
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Drive Sensibly – Aggressive driving (speeding, rapid acceleration and braking) wastes gas.
Observe the speed limit
Lose the weight
Use cruise control
Avoid excess idling
Current and Past Price Averages
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Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.5 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.
ACG belongs to the national AAA federation with more than 58 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android.
TopicsAAA, Bristol TN, Chattanooga TN, Crude Oil, EIA, Gas Prices, Jackson TN, Johnson City TN, Kingsport TN, Mark Jenkins, memphis tn, Nashville TN, Oil Price Information Service, Oil Prices, OPIS, Tampa FL, Tennessee Gas Prices, The Auto Club Group, Wright Express
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