(The Center Square) – Gasoline prices in Tennessee continued to set records on Friday as they rose four cents per gallon from the previous day.
The cost of $4.39 a gallon in the state set a new record on Friday, with Knoxville the only major municipality not to set a record on Friday, according to American Automobile Association data. The price is up from an average of $4.355 on Thursday, an average of $4.27 in Tennessee a week ago, an average of $3.92 a month ago and an average of $2.87 June 3, 2021.
The national average is currently $4.76. Knoxville’s average is currently $4.34 per gallon with its high of $4.65 coming on September 15, 2008. The state average was $4.11 on that date in 2008.
“Gasoline demand rose from 8.8 million barrels per day to 8.98 million barrels per day as drivers fueled up for Memorial Day weekend trips,” AAA said. in a press release. “This dynamic of supply and demand has contributed to higher prices at the pump. Coupled with volatility in crude oil prices, prices at the pump will likely remain high as long as demand increases and supply increases. will remain tense.
Tennessee’s 12-cent-per-gallon increase over the past week didn’t rank it in the top 10 of any state.
“Thought Experiment for June 3”, tweeted Tom Kloza, chief analyst for the oil price information service. “We will see gasoline spending in the United States increase to over $2 BILLION/day if we get an average of $5 and a demand of 9.53 million bpd; or $5.05 gal with a demand of 9.45 million bpd. These numbers are highly possible in July. It 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 the increases over the past week, according to AAA.
“We are within 25c/gal of a national average of $5/gal,” Tweeted Patrick De Haan, analyst at Gas Buddy. “Always stick to the date of around June 17.
“You have to be conservative. Frankly, I think we might see a slight 5% drop soon, but I could be wrong. You go big, hold, then see a little dip, then go back up.”