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Gas prices still falling as demand hits all-time high

Staff Report • Aug 19, 2019 at 7:15 PM

NASHVILLE – Gas prices continue to fall across the country, but at a slower rate than in previous weeks due to climbing demand.

Tennessee’s average gas price is $2.33 per gallon for regular unleaded, which is 5 cents below last week’s average, 20 cents less than a month ago and 28 cents less than one year ago, AAA reported.

The national average is $2.61, which is 3 cents cheaper than last week, 17 cents less than a month ago and 22 cents less than a year ago. Nearly half of all gas stations in the country are selling gas for $2.50 or less.

“Pump prices continue to trend cheaper for most motorists across the country, though the rate at which they are declining slowed in the last week with a handful of states only seeing a nickel decline at the most,” said Jeanette Casselano, AAA spokesperson, in a press release. “Demand recorded at a surprising all-time high, but it is expected to drop in the coming weeks as summer comes to an unofficial end.”

Most expensive gas prices in the state

• Nashville ($2.39)

• Jackson ($2.36)

• Memphis ($2.35)

Least expensive gas prices in the state

• Cleveland ($2.14)

• Chattanooga ($2.21)

• Kingsport-Bristol ($2.28)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by 40 cents to settle at $54.87, AAA reported.

Crude prices rose at the end of last week after sustaining heavy losses for two days. The losses came as a result of continued market worries about crude demand slumping this fall due to the ongoing trade dispute between the U.S. and China, the world’s two largest oil consuming countries.

If the trade dispute continues this week, crude prices may see further declines.

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

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