Updated September 28, 2018

With fall and winter approaching, gasoline prices are on the rise.  On a national average, prices are now at of $2.90 per gallon.  In Tennessee the average is now at $2.69 per gallon. 

Tennessee prices are up 2 cents from yesterday and 4 cents from last week. The rise for the month is now at 5.9 cents per gallon higher and a whopping 33.6 cents from last year.  Tennessee still some of the lowest prices in the nation.

The global oil market has the biggest impact on the price of gasoline in the U.S. Since the summer of 2017, those prices have soared from $43 to over $74 a barrel in July 2018. That’s a 58 percent spike in one year.

This rise is prompted by continued concerns over the tightening of global oil supplies with U.S. trade sanctions set to take effect on Iran in early November, as well as reports of growing Chinese crude demand in August.