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Gas prices expected to rise before Independence Day

Staff Report • Jul 3, 2018 at 12:10 PM

NASHVILLE — Gas prices are facing upward pressure as Independence Day quickly approaches.

AAA forecasts nearly 47 million Americans will travel for the holiday. The 39.7 million who will drive will find gas prices 50-60 cents more than last year.

Gas prices in Tennessee averaged $2.60 on Sunday, which is 60 cents more than this time last year, according to AAA.

“Gas prices will inch higher before July 4 on renewed concerns of global oil supply shortages,” said Mark Jenkins, AAA spokesman, in a press release. “Oil prices are back to multi-year highs. Another 5-10 cent increase at the pump would not be out of the question this week, but prices will not rocket high enough to ruin travel plans.”

Motorists will find the most expensive Independence Day gas prices in three years. In 2015, holiday motorists paid $2.74 per gallon, a huge difference from 2014 when a gallon of regular averaged $3.45.

Local averages

• Kingsport-Bristol: $2.56

• Johnson City: $2.58

Most expensive gas prices in the state

• Nashville ($2.65)

• Jackson ($2.65)

• Memphis ($2.63)

Least expensive gas prices in the state

• Cleveland ($2.47)

• Clarksville-Hopkinsville ($2.53)

• Chattanooga ($2.53)

What about oil?

The rising price of crude oil restored upward pressure on prices at the pump, AAA reported.

After trading around $65 per barrel two weeks ago, oil rocketed to $74.15 on Friday. That is the highest daily settlement since November 2014.

Gasoline futures prices rose 11 cents last week on the NYMEX, and wholesale gasoline also rose nearly 10 cents, AAA reported. The higher prices will make it more expensive for retailers to fill their pumps, and that added cost is typically passed down to the consumer.

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