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Gas prices trickle lower

Staff Report • Jul 23, 2018 at 6:00 PM

NASHVILLE – Prices at the pump fell for the 10th consecutive day on Sunday.

Gas prices in Tennessee declined 2 cents during the past week to $2.61 per gallon, AAA reported. Sunday's state average is a half-cent less than a month ago, yet 56 cents more than this time last year.

The national average declined 4 cents during the past week, according to AAA. Sunday's average of $2.84 per gallon is 2 cents less than a month ago, yet remains 56 cents more than last year.

Local averages

• Kingsport-Bristol: $2.58

• Johnson City: $2.58

Most expensive gas prices in the state

• Jackson ($2.67)

• Memphis ($2.64)

• Nashville ($2.63)

Least expensive gas prices in the state

• Cleveland ($2.52)

• Chattanooga ($2.54)

• Clarksville-Hopkinsville ($2.56)

What about oil?

Market prices were mixed last week due to higher oil production and supplies versus lower gasoline stocks in the face of strong demand, according to AAA.

The latest supply report from the Energy Information Administration (EIA) showed U.S. crude production finally reached the much-anticipated 11 million barrels-per-day mark. Conversely, gasoline stocks dropped as demand ramped up, AAA reported.

“Oil prices averaged $3-$5 less than the previous three weeks, allowing gas prices to lose value,” said Mark Jenkins, AAA spokesman, in a press release. “Although prices are lower, there is still volatility at the pump as gasoline demand remains high during the summer driving season and global supply concerns persist.”

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

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