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Gas prices continue falling as coronavirus impacts crude oil market

Staff Report • Feb 10, 2020 at 8:30 PM

NASHVILLE — Tennessee motorists have enjoyed declining gas prices for 37 consecutive days as concerns about the coronavirus influence the crude oil market.

The state average is $2.18, which is 5 cents cheaper than last week, 21 cents less than one month ago and 14 cents more than one year ago. The national average of $2.44 is 4 cents cheaper than last week and 16 cents cheaper than last month.

Motorists across the country can find gas for less than $2.25 at 38% of all gas stations, AAA reported.

“Tennessee motorists are experiencing the cheapest prices at the pump that we've seen in 2020,” said Megan Cooper, AAA spokeswoman, in a press release. “Cheaper crude and healthy stock levels are helping to push gas price averages across the state lower.”

Local averages

• Kingsport-Bristol ($2.17)

• Johnson City ($2.19)

Most expensive gas prices in the state

• Morristown ($2.28)

• Memphis ($2.25)

• Jackson ($2.24)

Least expensive gas prices in the state

• Cleveland ($1.99)

• Chattanooga ($2.08)

• Clarksville ($2.12)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude dropped by 63 cents to settle at $50.32, AAA reported.

Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. If international travel decreases, global crude demand would likely follow suit and result in lower crude consumption worldwide.

Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.

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