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Gas prices fall as demand remains robust

Staff Report • Updated Jul 30, 2019 at 12:01 PM

NASHVILLE — Motorists are enjoying declining gas prices as summer driving season comes to a close.

Tennessee’s average gas price is $2.46 per gallon for regular unleaded, which is 5 cents less than last week, 5 cents more than one month ago and 14 cents cheaper than one year ago, AAA reported.

The national average is $2.73, which is 3 cents less than last Monday, 2 cents more than a month ago and 12 cents cheaper than last year.

“Gas prices this month are on average a dime less expensive than in July 2018. These less expensive gas prices have encouraged summer road trips as evidenced by robust demand numbers since May,” said Jeanette Casselano, AAA spokesperson, in a press release. “Right now, pump prices are poised to push even cheaper going into August.”

Local averages

• Johnson City ($2.46)

• Kingsport-Bristol ($2.46)

Most expensive gas prices in the state

• Nashville ($2.50)

• Jackson ($2.49)

• Knoxville and Memphis ($2.47)

Least expensive gas prices in the state

• Chattanooga ($2.35)

• Cleveland ($2.39)

• Clarksville-Hopkinsville ($2.45)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by 18 cents to settle at $56.20, AAA reported.

Crude prices mostly increased last week after the Energy Information Administration’s weekly report, which showed that total domestic crude inventories fell by 10.8 million barrels.

With the Organization of the Petroleum Exporting Countries continuing to reduce crude production, tighter domestic crude supplies could cause prices to continue to increase if demand tightens. Unresolved tension in the Middle East also contributed to price increases last week.

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

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