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Gas prices plunge 19 cents in 31 days

Staff Report • Nov 12, 2018 at 8:15 PM

NASHVILLE — Luckily for holiday travelers, fuel prices are still on the decline in Tennessee and across the country.

Gas prices in Tennessee have declined 19 cents in the last 31 days, AAA reported. Sunday’s state average of $2.50 is 5 cents less than a week ago and the lowest price since April 12.

Despite the recent discount, Tennesseans are still paying 16 cents per gallon more than this time last year.

“Tennesseans are beginning to find some of the lowest gas prices they've seen since April,” said Mark Jenkins, AAA spokesman, in a press release. “The price of producing gasoline has dramatically declined during the past month, thanks to concerns of lower global demand and strong fuel supply and production. Unless oil prices change course, motorists could easily see pump prices shed another 10-20 cents before 2019 and slip below year-ago levels by Thanksgiving.”

Local averages

• Kingsport-Bristol: $2.47

• Johnson City: $2.50

Most expensive gas prices in the state

• Nashville ($2.57)

• Morristown ($2.54)

• Jackson ($2.51)

Least expensive gas prices in the state

• Cleveland ($2.37)

• Chattanooga ($2.41)

• Knoxville ($2.46)

What about oil?

Crude oil prices declined for a record-setting 10th consecutive day on Friday, according to AAA. The daily settlement of $60.19 per barrel is the lowest since March.

In the last month, WTI crude declined $16 per barrel on the New York Mercantile Exchange (NYMEX), AAA reported. A loss of that magnitude can lead to a discount of 40 cents at the pump. So far, the national average has declined nearly 20 cents since the price of oil started its slide last month.

Domestic crude production reached an all-time high of 11.6 million barrels per day, according to the Energy Information Administration. In addition, domestic oil supplies rose for the eighth consecutive week, increasing 10 percent during that time. These shifting fundamentals have helped create a bearish sentiment in fuel markets, according to AAA.

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

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