AAA: 2017 gas prices were highest in 3 years - WMC Action News 5 - Memphis, Tennessee

AAA: 2017 gas prices were highest in 3 years

(Source: WMC Action News 5) (Source: WMC Action News 5)
MEMPHIS, TN (WMC) -

In 2017, gas prices in Tennessee averaged $2.18, which was the highest annual average in three years.

The upward trend has continued into 2018, as gas prices had the most expensive start to the year in four years.

Tennessee gas prices averaged $2.26 on January 1, averaging 13 cents more than the year before. Today's state average of $2.27 is 3 cents more than last week and 13 cents more than this time last year.  

  • The most expensive gas price averages in Tennessee are in Jackson ($2.32), Nashville ($2.28), and Memphis ($2.28)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.20), Clarksville-Hopkinsville ($2.20), and Cleveland ($2.23)

"After a quick jump at the pump last week, prices are relatively stable right now across the southeastern U.S., and should begin to take a downward turn soon," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices normally decline during January and February, as gasoline demand hits the lowest levels of the year."

Even with the expected winter price decrease, oil and gas prices are expected to be higher in 2018.

Energy prices will be higher this year, according to the Energy Information Administration.

The EIA expects gas prices to average $2.51 in 2018, 12 cents more than the annual average in 2017.

The EIA also projects oil prices will average $52.77 per barrel, nearly $2 more than last year's average.

Oil analysts at Moody's Investors Service expect crude oil prices to remain at $40-$60 per barrel. 

Annual Average Price of Gasoline

National

Florida

Georgia

Tennessee

2017

$2.39

$2.37

$2.29

$2.18

2016

$2.12

$2.12

$2.07

$1.95

2015

$2.40

$2.36

$2.29

$2.16

2014

$3.34

$3.34

$3.26

$3.13


Copyright 2018 WMC Action News 5. All rights reserved.

Powered by Frankly