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Published: Tue, May 15, 2018
Economy | By Melissa Porter

Prices climbing at the pump in northern New England

Prices climbing at the pump in northern New England

Average retail gasoline prices in Tennessee have risen 2.4 cents per gallon in the past week, averaging $2.61/g yesterday, according to GasBuddy's daily survey of 3,821 gas outlets in Tennessee. Gas prices are high and steadily rising. Oil prices then cooled off slightly to end last week.

Gas prices are now 49 cents higher than a year ago yesterday. Airfare is down seven percent from last Memorial Day at an average of $168 roundtrip, auto rental averages are down 11 percent to $59 per day and three-diamond hotels dropped 14 percent to an average rate of $186 nightly. With almost two million additional people taking to planes, trains, automobiles and other modes of transportation, INRIX, a global transportation analytics company, expects travel delays on major roads could be more than three times longer than normal, with the busiest days being Thursday and Friday (May 24-25) as commuters mix with holiday travelers.

The rally was sparked by an announcement made last week by the White House that President Donald Trump planned to pull the United States out of the Iran nuclear deal and would re-impose economic sanctions on the country. That high price will stick around throughout the summer, give or take a few cents. Travel by bus, rails and water is expected to increase by almost 2.5 percent to more than 53,000 passengers. Effectively, such a move could cut off some flow of Iran's oil and tip the delicate balance of global supply and demand, leading oil higher.

But the higher prices don't appear to be interfering much, if at all, with summer travel plans. In Jacksonville, Monday morning's average for a gallon of regular was $2.792.

Prices at the pump now top $3 per gallon all of the nation's 10 most expensive markets with California at $3.69 per gallon. $2.738; Yesterday Avg. $2.737; Week Ago Avg. New Jersey stands at $2.94 as well.

"AAA predicts that the national average may reach $3 a gallon this summer, especially if crude oil prices continue to increase", she added.

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