Weekly Gas Price Report

gas prices 6Tensions between Saudi Arabia and Libya caused oil prices to briefly spike last week nationwide, but stayed about the same in Tennessee.
“The increase in oil came at a time when gasoline supplies in Florida are already tight,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “March is the peak month for gasoline demand in Florida, because the weather warms up, people drive more, and there are more visitors for spring break and Major League Baseball Spring Training. Plus, it is still maintenance season, and refinery gasoline output is reduced.”
Oil traders got nervous when fighting broke out between the two oil producing countries and that caused a temporary spike in oil prices. On Monday, the price of WTI settled at $47.45, then jumped to $51.43 on Thursday before settling back down at $48.87. Friday’s settlement was $3.18 higher than the settlement on Friday, March 20.
The average price per gallon in Tennessee is $2.14. The low price per gallon in Manchester and Tullahoma is $2.05 each, that’s an increase from last week.