Tennessee sees second week of falling gas prices

Johnson City Press • Updated Jul 29, 2019 at 5:59 PM

Continuing a pattern of ups and downs, gas prices in Tennessee dropped by five cents last week, and now sit at $2.46 per gallon for regular unleaded.

The $2.46 average still represents a five-cent rise from last month, but is down 14 cents from last year. The national average is $2.73, down three cents from last week and up two cents from last month.

“Gas prices this month are on average a dime less expensive than in July 2018. These less-expensive gas prices have encouraged summer road trips as evidenced by robust demand numbers since May,” AAA spokeswoman Jeanette Casselano said in a press release.

“Right now, pump prices are poised to push even cheaper going into August.”

According to GasBuddy, this months average in the state is the second highest it’s been since 2014.

Crude oil prices, however, rose last week by 18 cents, and sit at $56.20. Domestic inventories of crude oil dropped, which — combined with unresolved tensions in the Middle East — likely contributed to the increase. Prices are expected to increase as demand tightens.

GasBuddy’s Head of Petroleum Analysis, Patrick DeHaan, said in a press release that “motorists can expect to see little organized movement at the pump in the week ahead,” despite expected price increases of crude oil.

He also said “we should be able to cruise into the Fall months without a major hiccup in prices,” no doubt leaving motorists across the country breathing a sigh of relief.

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