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.”