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AAA report: Gas prices 10 cents lower than 2018 high, 61 cents more than 2017

Johnson City Press • Updated Jul 16, 2018 at 5:28 PM

Gas prices are trending lower again after a small jump at the pump last week, according to Monday’s AAA report.

The state average of $2.63 per gallon of regular unleaded gas is 10 cents less than this year’s high, yet remains 61 cents more than this time last year.

Gas prices in Tennessee are 2 cents higher than a week ago. Gas prices in Johnson City stood at $2.59 per gallon.

Analysts say pump prices rose last week after reports surfaced of seven Gulf Coast refineries dealing with operational issues. While some have been resolved, other issues at major refineries could take weeks to fix, according to the AAA report.

The Motiva refinery — the largest in the country — suffered a mechanical outage to one of their catalytic crackers, one of the most important components for converting oil to other fuels. This outage will likely reduce output and may not be resolved until August.

"Fortunately, fuel prices plunged on the stock market last week, which created adverse pressure to the rising prices caused by refinery issues," AAA spokesman Mark Jenkins said in a press release.

“This sort of volatility at the pump is common during the summer driving season. The three most common reasons for increases during the summer are refinery outages, geopolitical tension and hurricanes."

• The most expensive gas price averages in Tennessee are in Jackson ($2.67), Memphis ($2.66) and Nashville ($2.65).

• The least expensive gas price averages in Tennessee are in Cleveland ($2.56), Chattanooga ($2.56) and Clarksville-Hopkinsville ($2.57).

For more information on local, state and national gas price trends, visit www.gasprices.aaa.com.

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