Declining gas prices may be ending

Holly Viers • Updated Oct 31, 2017 at 11:03 AM

Motorists in Tennessee have enjoyed 49 consecutive days of falling gas prices, but that trend could be coming to an end soon.

AAA reports that gas prices declined 2 cents in Tennessee last week, from $2.27 to Sunday’s average of $2.25. This is a smaller decline than in previous weeks, which saw declines between 7 and 10 cents.

“The steak of falling prices should come to an end this week,” said Mark Jenkins, AAA spokesman, in a press release. “Oil and wholesale gasoline prices made solid gains last week after the EIA's supply report showed high U.S. crude and gasoline exports and an increase in gasoline demand. Fortunately, U.S. crude production levels appear to be stabilizing after Hurricane Nate caused a reduction, and refinery capacity is now back to pre-Hurricane Harvey levels.”

Jenkins added, “Continued growth in oil inventories will keep a ceiling on oil prices and prevent gasoline prices from making strong gains. While there could be some volatility, gas prices should follow a mostly downward trend through the rest of the year. However, the discount at the pump is not currently forecast to be much lower than present levels.”

The most expensive gas price averages in Tennessee are in Nashville ($2.34), Memphis ($2.27) and Clarksville-Hopkinsville ($2.24), according to AAA. The least expensive averages are in Chattanooga ($2.13), Knoxville ($2.18) and the Tri-Cities ($2.21).

Nationally, gas prices rose slightly last week, averaging $2.47 on Sunday compared to $2.46 a week ago.

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

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