Sunday’s national average of $2.76 per gallon of regular unleaded gasoline is the highest daily average since 2015. Tennessee gas prices reached a new 2018 high. Sunday’s state average of $2.55 is the highest since September, when prices were starting to recover from hurricanes Harvey and Irma.
Since last week, Tennessee gas prices have risen 3 cents and 37 cents more than this time last year. Today, it costs Tennessee’s motorists about $38 to fill an average-sized tank.
Some of the state’s most expensive gas prices are right here in the Tri-Cities, with an average of $2.59 per gallon.
"High oil prices are the main reason gasoline is so expensive right now," AAA spokesman Mark Jenkins said in a press release. "The price of oil is about 25% more than last year, as what used to be a global supply glut, is now tightening. Now the added expense for oil is making it more expensive to produce gasoline. In addition, gasoline demand is strong and inventories are down, as refineries wrap-up their maintenance season and begin pushing out summer-blend gasoline. So there are currently a number of factors keeping upward pressure on gas prices.
"If we haven't already, gas prices will hit their annual peak within the next couple weeks," Jenkins continued. "However, unforeseen circumstances like escalating geopolitical tensions or a hurricane in the Gulf of Mexico would cause prices to surge. Unfortunately, oil prices could still remain elevated heading into the summer travel season. Which means, travelers will likely find the most expensive summer gas prices in four years."
Highs and Lows of 2018
• National: the highest average price for gasoline was $2.76 on April 22; the lowest was $2.49 on January 3.
• Florida: the highest average price was $2.74 on April 20; the lowest was $2.44 on January 2.
• Georgia: the highest average price was $ on April 21; the lowest was $2.35 on January 2.
• Tennessee: the highest average price was $2.55 on April 22; the lowest was $2.26 on January 1.
For more information on national, state and local gas prices, visit www.gasprices.aaa.com.