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Gas prices rise ahead of Independence Day

Staff Report • Jul 1, 2019 at 2:19 PM

NASHVILLE — Holiday travelers will likely find higher gas prices when they hit the roads this week.

Tennessee’s average gas price is $2.42 per gallon for regular unleaded, which is 7 cents more than last week, 8 cents less than one month ago and 17 cents less than a year ago, according to AAA. Before last week, the state average had been falling since the end of April for a total discount of 27 cents.

The national average of $2.72 is 6 cents more than last week, with 25 states seeing an increase of a nickel or more on the week. Even so, the average is a dime less than a month ago and 13 cents less than a year ago.

“After weeks of steady pump price declines, gas prices are starting to increase across the country,” said Stephanie Milani, Tennessee public affairs director for AAA, in a press release. “A trio of factors are working to push pump prices higher including: increased demand ahead of Independence Day travel, fluctuations in crude oil price and refinery interruptions on the East Coast.”

Most expensive gas prices in the state

• Nashville ($2.47)

• Jackson ($2.45)

• Clarksville-Hopkinsville ($2.42)

• Memphis ($2.42)

Least expensive gas prices in the state

• Chattanooga ($2.35)

• Johnson City ($2.36)

• Kingsport-Bristol ($2.36)

• Knoxville ($2.36)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude dropped by 96 cents to settle at $58.47, AAA reported.

Crude prices moved mostly higher last week following surprising new data from the Energy Information Administration, which showed total domestic crude inventories took a surprisingly large draw of 12.8 million barrels last week.

At 469.6 million barrels, crude inventories are almost 53 million barrels higher this year over last, but the dramatic decline has led to concerns that the global crude market is tightening.

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