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Gas prices likely to decrease amid healthy gasoline supply

Staff Report • Dec 2, 2019 at 10:00 PM

NASHVILLE — Gas prices are holding steady for now, but they could start to decrease this week.

Tennessee’s average gas price is the same as last week and last month but 6 cents more than one year ago, AAA reported. The national average of $2.58 is 1 cent cheaper than last week, 3 cents cheaper than last month and 12 cents more expensive than this time last year.

Following a busy holiday long weekend that saw 49 million Americans traveling on roadways, gas prices across the country saw minimal fluctuation, with most states seeing decreases on the week.

“Gasoline stocks have steadily increased the past few weeks as gasoline demand has started to slow,” said Jeanette Casselano, AAA spokesperson, in a press release. “This trend is creating cheaper gas prices for the majority of motorists.”

Local averages

• Johnson City ($2.29)

• Kingsport-Bristol ($2.28)

Most expensive gas prices in the state

• Jackson ($2.36)

• Memphis ($2.35)

• Nashville ($2.34)

Least expensive gas prices in the state

• Cleveland ($2.20)

• Chattanooga ($2.22)

• Clarksville-Hopkinsville ($2.25)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude decreased by $2.94 to settle at $55.14, AAA reported.

Continued market fears that tension between China and the U.S. — the world’s two largest crude consumers — will reduce crude demand moving into next year helped push prices down.

Additionally, Energy Information Administration data shows a substantial 5.1 million-barrel build in gasoline stocks amid flat gasoline demand. Should inventory levels stay high, gas prices are likely to decrease in the coming week.

To view daily gas price averages, visit www.GasPrices.AAA.com.