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Fuel Gauge Report

January 25, 2012

After last week’s mixed prices, most East Tennessee areas saw an increase this week in retail gasoline prices.  Of the six AAA Fuel Gauge cities, only Cleveland experienced a slight drop.  Maryville saw the largest increase of 6 cents with Bristol right behind at almost 5.5 cents.

 Wholesale prices in Knoxville have also risen slightly this past week from $2.76 to $2.78.  Crude oil increased by $1.25 early this week, and to $99.67 at this writing.  The euro zone debt concerns and continued tensions with Iran continue to feed the direction the oil market takes. Should the European Union (EU) agree on an embargo on Iranian crude, thus tightening the supply, we would likely see upward pressure on crude prices.

For the best efficiency drivers should make sure their cars are in good shape, use the most fuel efficient vehicle possible, and combine trips to reduce gasoline use. Other options are to take public transit where possible or ride a bike. Other suggestions are in AAA’s Gas Watcher’s Guide, free at AAA offices, and on the web at www.aaaet.com.