Memorial Day gas prices lowest in 12 years

Staff Reports • Updated Jun 2, 2017 at 2:00 PM

Tennessee gas prices averaged $2.11 on Memorial Day; the state average Monday was 6 cents less than last year’s holiday and the lowest since 2005 when it was $1.99, according to AAA, in which data was collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express.  

Tennessee had the fourth-lowest state average in the country. The daily average has increased 12 of the last 13 days, rising a total of 2 cents during that time. Gas prices have averaged $2.11 for the last five days, only climbing fractions of a penny in the past week. 

Gas prices reached their lowest point of the year March 27, with the state average hitting $2.036. The highest price was $2.18 on April 20. 

The national average price for a gallon of regular unleaded gasoline will average $2.40 this summer, according to the EIA. Tennessee gas prices would average $2.14 this summer, based on the 26-cent difference between Monday’s national and state averages. Last year, Tennessee gas prices averaged $2.03 from June 1 through Aug. 31. 

The most expensive gas price averages in Tennessee were in Nashville at $2.16, Memphis at $2.13 and Knoxville at $2.10. The least expensive gas price averages in Tennessee are in Chattanooga at $2.02, Johnson City-Kingsport-Bristol at $2.09 and Clarksville-Hopkinsville at $2.10.

“Oil prices declined last week, allowing gas prices to stabilize in time for one of the most-traveled Memorial Day holidays in 12 years,” said Mark Jenkins, spokesman for AAA. “This summer, gas prices should stay within 10-20 cents of their current levels. However, retail prices could surge if there are unexpected refinery outages or if a hurricane impacts supply and demand.”

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