Tennessee gas prices declined 1.5 cents last week, AAA reported. The state average of $2.31 is 8 cents less than a month ago but 26 cents more than this time last year.
“Gasoline should slide a few cents more this week, based on last week's decline in wholesale prices,” said Mark Jenkins, AAA spokesman, in a press release. “Pump prices are sliding right now because crude and gasoline output have remained strong.
“However, gas prices are still forecast to rise 20 cents in the coming months, as demand climbs and refineries switch to summer blend gasoline.”
• Despite the recent decline, gasoline has averaged the highest price for the month of March in four years.
• On average, motorists are paying $3 more for a full tank of gas compared to this time last year.
• Gasoline futures finished the week down 3 cents from Monday's closing price.
• Wholesale gasoline prices declined 2 cents last week.
Most expensive gas prices in the state
• Jackson ($2.35)
• Nashville ($2.34)
• Memphis ($2.32)
Least expensive gas prices in the state
• Cleveland ($2.22)
• Chattanooga ($2.24)
• Knoxville ($2.28)
What about oil?
• Crude oil prices closed at $62.04 per barrel, an increase of 79 cents from the week before.
• Crude oil is $14 per barrel more than last year, preventing a plunge at the pump.
• Crude storage levels are more than 100 million barrels lower than they were last year.
• U.S. crude production continues to boom, hitting another record at 10.37 million barrels per day last week.
To view daily gas price averages, visit GasPrices.AAA.com.