Gas prices will likely rise again after a brief respite coinciding with the Memorial Day holiday, according to AAA.
Even with a bit of stabilization at the pump, Tennessee drivers paid the highest gas prices on record during this Memorial Day weekend, AAA said. The state’s average gas price is $4.28, nearly 39 cents higher than a month ago and $1.41 more than a year ago.
Memphis-area drivers saw record-setting prices at stations on Monday of last week. That’s when the average price of gas in Memphis ran $4.32 for a gallon of regular unleaded. The price had barely softened Monday, to around $4.31 for a gallon of unleaded. Average unleaded prices a year ago in Memphis were $2.89 cents per gallon.
We could be looking at the calm before the storm for gas prices.
Megan Cooper, AAA – The Auto Club Group
“While drivers might have seen a small break in pump price increases this holiday weekend, we could be looking at the calm before the storm for gas prices,” said Megan Cooper, spokeswoman for AAA — The Auto Club Group. “Crude oil prices surged to $115 per barrel last week alongside further tightening of domestic supplies. Renewed upward pressure on pump prices likely means additional increases in pump prices for drivers in the next couple of weeks.”
Prices may also rise due to ongoing fears of further global supply constraints caused by a European Union (EU) ban on Russian oil exports. U.S. gas demand may again start to climb as drivers fuel up for the three-month-long summer travel season, which began last weekend.
AAA estimated that nearly 35 million travelers hit the road for Memorial Day. It’s the highest number since 2019, despite record prices at the gas pump.
However, Tennessee prices remain below the national average.
