With fall travel and season upon the area, AAA – the Auto Club Group is anticipating motorists see prices hold steady in the coming months.
According to information provided by AAA, gas prices are holding steady, “declining only fractions of a penny over the weekend.”
“Over the past couple of weeks, we’ve noticed a little fluctuation in prices but, overall, prices are holding steady,” Megan Osbourne, public affairs specialists with AAA, told the Elizabethton Star Monday.
The national average for gas as of Monday was $2.35 with Tennessee hovering around the $2.16 range. Osbourne said that Elizabethton, lumped in with the Tri-Cities market, is averaging $2.14 per gallon — ranked as one of the top three most expensive markets in the state along with Memphis ($2.21) and Nashville ($2.16).
AAA reports that the state is one-cent more than last week and 24 cents more than last year’s comparison.
“Pump prices are moving slightly lower as refineries keep the market well supplied with gasoline,” Mark Jenkins, AAA spokesman, said in a statement issued to the Elizabethton Star. “Gasoline supplies are outpacing demand as we enter the final weeks of the summer travel season. This should prevent major gains in gas prices unless oil prices rise in response to unexpected disruptions in supply due to international conflict, refinery issues, or a hurricane.”
Osbourne added that gasoline demand is on par with this time of year, but supply levels are two percent stronger due to favorable profit margins.
Due to the result, according to AAA, gasoline inventories rose and crude oil stocks dropped. Commercial crude oil supplies also slipped for the consecutive week, the lowest level since October.
Individuals can stay up to date with traffic concerns and gas prices by visiting gasprices.aaa.com or by downloading the AAA mobile app.