Tennessee’s average gas price is $2.37 per gallon for regular unleaded, which is 3 cents more than last week, 9 cents more than a month ago and 26 cents less than one year ago, according to AAA. The national average is $2.65, which is 2 cents less than last week, 7 cents more than a month ago and 23 cents less than a year ago.
Two weeks after attacks on major Saudi Arabian oil facilities, most Americans are starting to see signs of cheaper gas prices. Ten states saw pump prices decline by a nickel or more last week, AAA reported.
“Crude oil prices have dropped close to where they were right before the drone attacks on the Saudi oil facilities,” said Jeanette Casselano, AAA spokesperson, in a press release. “This is helping to push gas prices cheaper in most of the country. Americans can expect this trend to continue, except for those filling up on the West Coast, where refinery disruptions are causing spikes at the pump.”
Most expensive gas prices in the state
• Nashville ($2.42)
• Jackson ($2.40)
• Memphis ($2.39)
Least expensive gas prices in the state
• Cleveland ($2.25)
• Chattanooga ($2.29)
• Kingsport-Bristol ($2.34)
What about oil?
At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude decreased by 50 cents to settle at $55.91, AAA reported.
Oil prices were mostly mixed last week after the Energy Information Administration’s weekly report revealed that total domestic crude inventories grew by 2.4 million barrels, bringing the total to 419.5 million barrels.
The current level is 23.5 million barrels higher than this time last year. The higher level has kept prices in check amid concerns that global crude demand may be impacted by the ongoing trade war between the U.S. and China.
The Middle East
AAA reported that crude prices have also been shaken as a result of market concerns that global supply could be reduced due to escalating tension in the Middle East.
Crude prices increased moderately last week after the U.S. Department of Defense said it would deploy radar systems, Patriot missiles and about 200 personnel to bolster Saudi Arabia’s defenses after an attack on two of its oil facilities earlier this month.
If EIA’s report shows another crude inventory build, crude prices could end the week down. However, any escalation in the U.S.-China trade war or tensions in the Middle East could see them spike.
To view daily gas price averages, visit www.GasPrices.AAA.com.