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Tennessee gas prices slid lower last week

Staff Report • Aug 14, 2018 at 12:47 PM

NASHVILLE — Gas prices in the southeastern U.S. moved in opposite directions last week.

While pump prices quickly climbed in Florida, they dropped lower in Georgia and Tennessee, according to AAA.

Tennessee gas prices declined 2 cents last week. The state average of $2.63 is the ninth lowest in the nation, AAA reported.

Sunday’s state average is the same as last month, yet nearly 50 cents more than this time last year.

Most expensive gas prices in the state

• Jackson ($2.69)

• Nashville ($2.68)

• Memphis ($2.65)

Least expensive gas prices in the state

• Kingsport-Bristol ($2.55)

• Chattanooga ($2.56)

• Johnson City ($2.58)

Falling demand

AAA reports that demand for gasoline is beginning to slip as children head back to school.

“Strong demand pushed gas prices higher in some states last week, as families squeezed in one final vacation before the kids go back to school,” said Mark Jenkins, AAA spokesman, in a press release. “However, the most recent figures from the EIA (U.S. Energy Information Administration) show gasoline demand is beginning to slip, which relieves some of that upward pressure on prices at the pump.”

While motorists could usually expect gas prices to fall in the last half of the year, uncertainty in the oil market could shake things up.

“Traditionally, gas prices decline in the second half of the year, due to lower demand,” Jenkins continued. “However, oil analysts forecast significant volatility in the oil market through the end of the year, leaving a big question mark for the long-term direction of prices at the pump.”

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