Weekly Gas Price Update

gas pump2The national average price for a gallon of regular unleaded gasoline increased this week to $3.64 per gallon and is the highest since July of 2013.
“The demand for gasoline is driving up the price of oil, which in turn, is pumping up the price of gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Prices are expected to keep rising in the near future due to unexpectedly lower supplies and rising demand.”
Gasoline demand is at its highest level since January, according to the Energy Information Administration. Meanwhile, consumer confidence is at its highest since July. These factors pushed the price of oil last Friday, to its highest price on the NYMEX in five weeks.
The EIA released its summer forecast this week, predicting that retail prices would average $3.57 per gallon during the summer driving season, once cent cheaper than last year.
The low price in Manchester is down 1-cent this week to $3.44 and in Tullahoma the low price is also $3.44 per gallon up 10-cents. Tennessee’s average is $3.48.