no avatar

Gas prices inch lower as demand falls

Staff Report • Sep 24, 2018 at 4:30 PM

NASHVILLE — Fall has officially begun and gas prices in Tennessee have been falling along with it.

Gas prices in the Volunteer State slipped a half-cent lower last week, bringing the state average to $2.58, AAA reported. This is 1 cent less than a month ago, but still 6 cents more per gallon than this time last year.

Nationally, Sunday’s average price of $2.85 per gallon was one-tenth of a cent less than the week before, but still 27 cents more than this time last year, according to AAA.

Local averages

• Kingsport-Bristol: $2.57

• Johnson City: $2.57

Most expensive gas prices in the state

• Jackson ($2.65)

• Nashville ($2.61)

• Memphis ($2.61)

Least expensive gas prices in the state

• Chattanooga ($2.50)

• Clarksville-Hopkinsville ($2.51)

• Cleveland ($2.52)

Falling demand

Now that the summer travel season has ended, demand for gasoline has begun to fall, putting downward pressure on prices at the gas pump.

“Even though oil prices rose last week, prices at the pump slipped lower because of declines in gasoline demand,” said Mark Jenkins, AAA spokesman, in a press release. “The latest figures from the EIA (Energy Information Administration) show weekly demand hitting four-week lows. Combining this autumn trend with the recent switch to a cheaper-to-produce, winter-blend gasoline, and prices at the pump could move even lower this fall.

“However, upward pressure persists due to concerns that there could be major crude supply challenges this fall, due to U.S.-led sanctions against Iranian crude and sharp reductions in economically stressed Venezuela.”

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

Kingsport Times News Videos