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Gas prices still falling across the state, nation

Staff Report • Feb 4, 2020 at 6:30 PM

NASHVILLE — Tennessee gas prices have dropped 16 cents in the last 30 days and are expected to trend even lower this week.

The state average is $2.23, which is 5 cents cheaper than last week, 16 cents less than one month ago and 20 cents more than one year ago, according to AAA.

The national average is $2.47, which is 4 cents cheaper than last week and 11 cents cheaper than the beginning of the year. Motorists in at least a dozen states, mostly in the South and Southeast, can find gas for less than $2 per gallon.

“Gas prices are pushing cheaper for two reasons: crude oil prices are $10 less a barrel than one month ago and U.S. gasoline stocks sit at an all-time record high,” said Megan Cooper, AAA spokeswoman, in a press release. “Cheaper crude and healthy stock levels mean motorists can expect prices to continue to decline this month.”

Local averages

• Kingsport-Bristol ($2.20)

• Johnson City ($2.25)

Most expensive gas prices in the state

• Morristown ($2.31)

• Jackson ($2.29)

• Memphis ($2.29)

Least expensive gas prices in the state

• Cleveland ($2.05)

• Chattanooga ($2.11)

• Clarksville ($2.16)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude dropped by 58 cents to settle at $51.56, AAA reported.

For the second week, crude prices have decreased as a result of increased market concerns regarding the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption.

If market concerns regarding the virus continue to grow this week, crude prices could drop again.

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