The Center Square [By Jon Styf] –
Gas prices in Tennessee continued to set records on Friday as they rose four cents per gallon over the day before.
The $4.39 per gallon cost in the state set a new record on Friday with Knoxville as the only major municipality that did not set a record-high on Friday, according to data from the American Automobile Association. The price is up from a $4.355 average on Thursday, a $4.27 average in Tennessee a week ago, a $3.92 average a month ago and a $2.87 average on June 3, 2021.
The national average is currently at $4.76. Knoxville’s average is currently $4.34 per gallon with its record high of $4.65 coming on Sept. 15, 2008. The state average was $4.11 on that date in 2008.
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“Gasoline demand grew from 8.8 million barrels per day to 8.98 million barrels per day as drivers fueled up for Memorial Day weekend travel,” AAA said in a press release. “These supply and demand dynamics have contributed to rising pump prices. Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight.
Tennessee’s 12-cent increase per gallon over the past week didn’t rank it in the top 10 of all states.
“Thought experiment for June 3,” tweeted Tom Kloza, head analyst for Oil Price Information Service. “We’ll see US gasoline expenses rise to more than $2 BILLION/day if we get $5 average and 9.53 million b/d demand; or $5.05 gal with 9.45 million b/d demand. Those numbers highly possible in July. Could be a $62 billion month.”
Indiana (+33 cents), Ohio (+31 cents), Illinois (+30 cents), Kentucky (+26 cents), Wisconsin (+26 cents), Michigan (+24 cents), Colorado (+21 cents), New Mexico (+19 cents), Nebraska (+18 cents) and Minnesota (+18 cents) led in increases over the past week, according to AAA.
“We’re less than 25c/gal away from a national average of $5/gal,” Tweeted Gas Buddy Analyst Patrick De Haan. “Still holding on to the date that happens as June 17 or so.
“Have to be conservative. frankly, I think we may see a slight 5% drop soon but I could be wrong. You go up big, hold, then see a small decline, then rise again.”
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.
