AAA: Gas prices should decline 5-10 cents this week

Holly Viers • Sep 26, 2017 at 2:22 PM

NASHVILLE — Motorists should see a drop in prices at the pump this week as gas prices return to normal after the recent hurricanes, according to AAA.

Gas prices hit three-year highs after Hurricane Harvey struck refineries along the Gulf Coast. As the refineries recovered, prices remained elevated as Hurricane Irma drove up demand in the southeastern U.S., AAA reported.

"If it weren't for the recent hurricanes, gas prices would be about 25 cents lower," said Mark Jenkins, AAA spokesman, in a press release. "Since gas prices decline much slower than they rise, it could take a few weeks before they reach equilibrium. Gas prices in the southeastern U.S. should drop another 5-10 cents this week."

Since peaking at $2.60 on Sept. 10, the average price for a gallon of gasoline in Tennessee has declined 8 cents over the last 14 days, according to AAA.

Gas prices in the state averaged $2.52 on Sunday, 5 cents less than last week but 35 cents more than this time last year.

The most expensive gas price averages in Tennessee are in Nashville ($2.59), the Tri-Cities ($2.53) and Clarksville-Hopkinsville ($2.53). The least expensive averages are in Memphis ($2.43), Knoxville ($2.50) and Chattanooga ($2.51).

Nationally, gas prices averaged $2.58 on Sunday, which is 5 cents less than this time last week according to AAA.

To view daily gas price averages, visit www.GasPrices.AAA.com.

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