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Gas prices likely to level out as Tennessee reopens

Staff Report • May 5, 2020 at 7:30 PM

NASHVILLE — Tennessee’s average gas price is still falling, but that might not be the case much longer.

The state average has dropped 2 cents since this time last week to $1.54, AAA reported. That’s nearly 17 cents less than one month ago and nearly $1.07 less than one year ago.

“As parts of the state move towards a phased reopening, we expect to see more drivers on Tennessee roadways,” said Megan Cooper, AAA spokesperson, in a press release. “This will likely cause pump prices to fluctuate and level out over the next week.”

Quick facts

• 53% of Tennessee filling stations have sub-$1.50 gas prices.

• Tennessee gas prices have declined for 68 consecutive days for a total discount of 70 cents per gallon.

• Tennessee is the 10th least expensive market in the nation.

• The lowest 10% of pump prices are $1.28 for regular unleaded.

• The highest 10% of pump prices are $1.94 for regular unleaded.

Most expensive gas prices in the state

• Nashville ($1.69)

• Morristown ($1.59)

• Jackson ($1.54)

Least expensive gas prices in the state

• Cleveland ($1.42)

• Memphis ($1.44)

• Kingsport ($1.46)

Across the nation

State gas price averages increased for less than a dozen states last week, but they were large enough jumps to create an increase to the national average. At $1.78, Monday’s average is a penny more expensive than last week, 16 cents less than a month ago and $1.11 cheaper than this time last year.

On the week, the Great Lakes and Central region saw double-digit increases in a few states, but the bulk of the country saw decreases of a nickel or less, AAA reported. Pump price fluctuation will continue across the country in coming weeks, especially as more states reopen and motorists begin driving more.

What about oil?

At the end of Friday's formal trading session, West Texas Intermediate crude increased by 94 cents to settle at $19.78 per barrel, AAA reported.

Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease, as demand for gasoline moves up and the 9.7 million barrel-per-day production reduction agreement between the Organization of the Petroleum Exporting Countries and other major crude producers, including Russia, takes effect this month and next month.

For this week, crude prices may continue to rise if the Energy Information Administration’s report shows continued growth in gasoline demand and crude production and storage data show that global rebalancing efforts are helping to stabilize the market.

To view daily gas price averages, visit gasprices.aaa.com.

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