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Gas prices likely to surpass last year’s high mark

Staff Report • Apr 29, 2019 at 7:15 PM

NASHVILLE — Unfortunately for motorists, gas prices are showing no signs of falling.

Tennessee’s average gas price is $2.62 per gallon for regular unleaded, which is 4 cents more than a week ago, 14 cents more than this time last month and 4 cents higher than this time last year, AAA reported.

The national gas price average set a new high for the year at $2.88, which is 4 cents more than last week, 19 cents more than last month and 8 cents more than a year ago. There are only six states in the nation with averages below $2.60 (Alabama, Mississippi, Louisiana, Arkansas, South Carolina and Missouri).

“Compared to the beginning of this year, motorists have definitely felt an increasing squeeze on their wallets at the pump,” said Jeanette Casselano, AAA spokesperson, in a press release. “With 17 states within a dime of or already at $3/gal or more, Americans can expect the national average to likely surpass 2018’s high of $2.97 set during Memorial Day weekend.”

Most expensive gas prices in the state

• Nashville ($2.69)

• Jackson ($2.64)

• Morristown ($2.62)

Least expensive gas prices in the state

• Chattanooga ($2.52)

• Cleveland ($2.55)

• Kingsport-Bristol ($2.57)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude settled at $63.30, AAA reported.

Crude prices increased earlier in the week and could move higher due to concerns about restricted global supply this week, following the U.S. announcing that it would end the use of waivers for countries to import oil from Iran.

Decreases in Iranian oil exports would tighten the supply in the global market, which has already seen decreases as a result of the ongoing U.S. sanctions against Iran and Venezuela, along with OPEC’s agreement with its partners to reduce production through July.

However, the Energy Information Administration’s weekly report revealed that total domestic crude inventories increased by 5.4 million barrels to 460.6 million barrels last week.

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

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