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Gas prices begin resurgence

The Tennessee gas price average jumped eight cents last week – the largest weekly increase the state has seen so far in 2020. The Tennessee Gas Price average is now $1.79 which is nearly 23 cents more than one month ago and nearly 64 cents less than one year ago. The lowest price in Manchester as of 3 p.m. Tuesday was $1.79.

“The beginning of June has not seen gas prices this low since 2004,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “As crude oil prices trend higher and gasoline demand increases, Americans will see gas prices push more expensive, but this summer will be cheaper than last.”

Quick Facts
• 28% of Tennessee gas stations have prices below $1.75
• The lowest 10% of pump prices are $1.63 for regular unleaded
• The highest 10% of pump prices are $2.08 for regular unleaded
• Tennessee ranks 9th in the nation’s top 10 largest weekly increases

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National Gas Prices
For 66 days, the national gas price average held below the $2/gallon mark, pushing as cheap as $1.76. In the past week, the average has inched up to $2.03. Despite the consistent increases at the pump, prices are still significantly cheaper year-over-year. In fact, during the first week of June the past five years, gas prices have typically averaged $2.81.
U.S. gasoline demand continues to show increasing strength. The Energy Information Administration’s (EIA) latest reading shows a 4% weekly increase at 7.5 million b/d. That is the highest demand level since states began issuing stay-at-home orders in mid-March.

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