Tennessee’s average gas price is $2.53 per gallon for regular unleaded, which is 7 cents more than last week’s average, 16 cents more than one month ago and 9 cents cheaper than one year ago.
The national average is $2.79, which is an 8-cent increase since the beginning of July, AAA reported. It is also 4 cents more than last week, a dime more than a month ago and 8 cents cheaper than last year.
“Gas prices continue to increase for the majority of motorists east of the Mississippi, while those filling up in the West Coast and Rockies regions are seeing a bit of a reprieve at the pump,” said Jeanette Casselano, AAA spokesperson, in a press release. “Gas prices have increased amid more expensive crude oil prices, robust demand and decreasing gasoline stocks.”
Most expensive gas prices in the state
• Nashville ($2.58)
• Jackson ($2.55)
• Cleveland ($2.53)
• Knoxville ($2.52)
Least expensive gas prices in the state
• Johnson City ($2.47)
• Chattanooga ($2.48)
• Clarksville-Hopkinsville ($2.50)
• Kingsport-Bristol ($2.50)
What about oil?
At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by 1 cent to settle at $60.21, AAA reported.
Crude prices increased last week as the market continues to be affected by tensions in the Middle East, which could restrict global oil supply. If those concerns continue into this week, crude prices will likely continue to increase.
Additionally, Hurricane Barry temporarily halted 60 percent of all crude production in the Gulf of Mexico last week. As the storm subsides and floodwaters diminish, crude production will resume. As a result, crude stocks may tighten in the region and could cause prices to increase modestly.
To view daily gas price averages, visit www.GasPrices.AAA.com.