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Gas prices are holding up; increases expected before Memorial Day | Local News

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NASHVILLE Tennessees average gas prices held steady last week, but this trend may not last much longer.

The state average of $ 2.69 is the same as last week and last month, but $ 1.15 more than a year ago, according to AAA. The average price of national gas is $ 2.90, 2 cents more than last week and 3 cents more than a month ago.

While April saw minimal fluctuations, May is expected to see much larger increases alongside spikes in demand, especially as Memorial Day weekend approaches, Megan Cooper said. spokesperson for AAA The Auto Club Group, in a press release. Compared to May 2019, the demand for gasoline in the United States is only 4% lower and gasoline prices are, on average, only two cents higher.

Fast facts

  • 76% of Tennessee gas stations have prices below $ 2.75.
  • The lowest 10% of the price at the pump is $ 2.49 for regular unleaded.
  • The top 10% of prices at the pump are $ 2.97 for regular unleaded.
  • Tennessee remains the 10th cheapest market in the country.

Most expensive gasoline prices in the state

  • Memphis ($ 2.75).
  • Johnson City ($ 2.73).
  • Jackson ($ 2.72).

Cheapest gasoline prices in the state

  • Cleveland ($ 2.61).
  • Chattanooga ($ 2.64).
  • Knoxville ($ 2.66).

Cheapest gasoline prices in the Tri-Cities

From Monday afternoon on GasBuddy.com, the cheapest gasoline prices in each of the Tri-Cities can be found at the following locations:

  • At Kingsport Gas N Go (Clinchfield Street): $ 2.49 per gallon for regular gasoline
  • At Bristol Valero (King College Road in Bristol, Tennessee): $ 2.60 per gallon for regular gasoline
  • At Johnson City Sams Club (Franklin Terrace Drive): $ 2.46 per gallon for regular gasoline

Across the country

Prices at the pump in April saw minimal variability from March, which rose 15 cents from start to finish, AAA reported. Stable crude oil prices against a backdrop of fluctuating demand helped keep the face value of the national average price jumps last month.

Ten states saw averages increase between 5 and 8 cents, but the majority of states saw increases of 1 to 3 cents. The price changes have taken place in a flow of supply and demand.

For the week ending April 23, the Energy Information Administration reported that gasoline inventories saw a small build of 100,000 barrels to hit the 135 million barrels mark. This is the highest supply rate since the end of February and a surplus of 8.3 million barrels compared to the same period two years ago. As supply increased, demand declined 3% to 8.87 million barrels per day.

What about oil?

As the official Friday trading session closed, West Texas Intermediate crude fell $ 1.43 to $ 63.58, AAA reported.

Although prices ended the day lower, supported by a strong dollar, the price of crude rose nearly $ 1.50 per barrel for the week. Increased market optimism about a recovery in crude demand has helped push prices up, despite soaring rates of coronavirus infection in Asia.

Additionally, prices rose last week after the Organization of the Petroleum Exporting Countries (OPEC +) and its allies, including Russia, recommended leaving a recent deal in place to gradually increase crude production from at least 2.1 million barrels per day in May and June.

At the next OPEC + meeting on June 1, the cartel will determine crude production levels for July and August. Prices could continue to rise this week if the market remains bullish.

To view daily gasoline price averages, visit gasprices.aaa.com.

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