The state average is now $2.20, which is nearly 2 cents more than last week, 13 cents less than one month ago and 12 cents more than one year ago, AAA reported. Last week’s increase broke a 39-day streak of declines, though prices are expected to remain low this week.
The national average is $2.43, which is nearly a penny cheaper than last week, 12 cents cheaper than last month and nearly 13 cents more than one year ago.
“Tennessee motorists continue to experience low gas prices due to healthy stock levels and low fuel demand,” said Megan Cooper, AAA spokeswoman, in a press release. “Motorists are paying, on average, nearly 19 cents per gallon less than the highest price so far this year.”
• Kingsport-Bristol ($2.17)
• Johnson City ($2.17)
Most expensive gas prices in the state
• Morristown ($2.26)
• Nashville ($2.25)
• Jackson ($2.24)
Least expensive gas prices in the state
• Chattanooga ($2.11)
• Cleveland ($2.16)
• Clarksville ($2.16)
What about oil?
As the impact of the coronavirus continues to grow, crude oil prices have struggled to find their footing. At the close of Thursday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by 25 cents to settle at $51.42, according to AAA.
Revised global crude forecasts from the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) have also given the market cause for concern. According to IEA’s February 2020 Oil Market Report, global oil demand is expected to contract this quarter for the first time in more than 10 years, while 2020 demand is expected to grow at its lowest rate since 2011.
Until it appears that the international public health threat from the virus declines and China’s industrial sector recovers from the impact of the virus on production, crude prices are likely to continue facing downward pressure.
To view daily gas price averages, visit www.GasPrices.AAA.com.