Statewide average gas prices rise 7 cents

Statewide average gas prices rise 7 cents

The increase is on par with the national trend, which saw a near 6 cent increase in the past week.

As the summer travel season approaches, gas prices in Chattanooga are up almost 53 cents per gallon from a year ago. Other factors include the US withdrawal from the Iran nuclear deal and an increase in USA oil exports.

The auto club said the number of people expected to travel for the holiday will be the highest since 2005 and are 5 percent higher than the number of Memorial Day travelers form previous year.

According to AAA, gas prices are up 5 cents in just the last week and 20 cents in the last month.

Prices are expected to average $2.82 per gallon during the holiday, the highest in Florida since 2014 when the average tipped $3.62, AAA's study said, citing "expensive crude oil, record gasoline demand and shrinking global supply" to account for the rising prices.

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.

Monday, the average price for a gallon of regular unleaded in Nebraska and Omaha was $2.75, and in Iowa it was $2.77, according to AAA.

Over the past few weeks' local gasoline prices have creped up from the $2.40 price range into the $2.70 price per gallon.

$2.00 per gallon in 2017, $2.01 in 2016, $2.42 in 2015, $3.48 in 2014 and $3.20 in 2013. Some experts believe that much higher gas prices will undermine the increase in discretionary income that tax cuts gave to many middle and lower income people. "The latest round of figures from the Energy Information Administration show that gasoline demand is significantly higher than this time past year".

With Memorial Day, and the unofficial start to summer, just around the corner, many southwest Georgians - like the rest of the nation - are making travel plans.

In some part of Mid-Michigan, gas prices hit $3.19 Monday.

Higher gasoline prices also contribute to inflationary pressures, making it more likely that the Federal Reserve Board will boost interest rates.

It was ten years ago that the average price at the pump for Americans was over the four-dollar mark, so the three-dollar price may seem to be acceptable to many.

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