KNOXVILLE, Tenn. (WATE) — Gas prices remain high and with many schools on fall break and people traveling, the prices may be hitting more than usual.
On Monday, Knoxville was matching the state average of $3.39 a gallon. Nationwide, AAA says Tennessee is the 9th least expensive market in the nation.
“We’ve had a pretty significant increase, which comes as no surprise if you’ve filled up in the last week,” said Megan Cooper with AAA. “Over last week, we saw about a 21-cent increase in our state average here in Tennessee.”
AAA explains OPEC cutting production next month by two million barrels a day is one part of the problem, but not the only factor.
“We’re still seeing that uncertainty in the market surrounding the lingering fears of a recession. We’re also seeing on a worldwide scale some concerns with China’s economy with COVID-19. So we have these factors on complete opposite sides of the spectrum all happening at once that’s creating a lot of volatility in the market right now,” said Cooper.
The big question is, how long is this price increase going to last?
“It’s hard to say how long this uptick is going to last. I will say that the big increases we saw came late last week. Since then those increases have cooled off just a little bit so what’s happening right now is a lot of things are influencing our gas prices here domestically and globally. So on one end, we have a tightening of that global supply. We also have the announcement that is going to be reduced even more significantly next month and we’re also seeing a slight bump in demand so all of those things are pushing gas prices a little bit higher,” said Cooper.
When it comes to saving money, AAA said to be sure to compare prices, fill up when you have a quarter of a tank left and use discount reward programs. To find the cheapest gas near you, WATE has a gas tracker listing gas prices across East Tennessee.