Gas prices hit levels not seen since 2015

Inc. All rights reserved. This material may not be published broadcast rewritten or redistributed

Inc. All rights reserved. This material may not be published broadcast rewritten or redistributed

Consumers were paying an extra quarter per gallon compared to last month and 30 cents more than a year earlier.

Tennessee's average fuel price is 20 cents lower than the national average. "However, prices could rise even more, depending on how the crude market responds to the latest news of a US missile strike over the weekend".

The AAA Auto Club said today that pump prices will get even more expensive this week and will likely rise to the highest level in more than two years, due to rising geopolitical tensions in the Middle East. US oil inventories still remain almost 20 percent lower than a year ago as exports remain brisk and OPEC's continued production cuts eat away the previous glut of crude oil.

States with the lowest average prices last week included: Missouri ($2.42); Oklahoma and Arkansas ($2.43); MS ($2.45); SC ($2.46); Louisiana ($2.47); Kansas and Texas ($2.48); Alabama ($2.49); and Wyoming ($2.50).

Gas prices all around the country are on the rise as well, as the national average saw an increase by 2.2 cents per gallon last week, bringing the nation to an average of $2.73 per gallon.

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"In the past few years we've had such an abundance of crude oil that worldwide problems really didn't phase the oil market", Jenkins said.

His opinion about prices not having much higher to rise is backed up by information the Energy Information Administration released last week that predicted gas prices will average $2.74 a gallon nationally this summer.

"The seasonal surge at gas pumps is in full motion, causing the most dreaded time of year for fearful motorists, especially of what may still be coming", he said.

$3.06/g in 2017, $2.60/g in 2016, $3.08/g in 2015, $4.31/g in 2014 and $4.38/g in 2013. That also means the average American household can expect to spend $200 more for gas overall in 2018.

"That could be very close to what we expect this time around", DeHaan said. Prices traditionally start their seasonal rise in mid-February as refiners begin maintenance that enables them to transition to producing more expensive summer-blend gasoline.

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