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Gas prices still falling; oil recovers after turning negative

Staff Report • Apr 28, 2020 at 5:00 PM

NASHVILLE — Gas prices are continuing to fall across the state and the nation, while oil has recovered after turning negative last week.

Tennessee’s average gas price fell nearly 4 cents last week to $1.56, which is 25 cents less than one month ago and nearly $1.07 less than one year ago, AAA reported.

“Tennessee motorists continue to see steady declines at the pump,” said Megan Cooper, AAA spokesperson, in a press release. “If the state average drops below $1.50 motorists will be seeing the cheapest prices in 12 years.”

Quick facts

• 46% of Tennessee filling stations have sub-$1.50 gas prices.

• Tennessee gas prices have declined for 61 consecutive days for a total discount of nearly 68 cents per gallon.

• The lowest 10% of pump prices are $1.26 for regular unleaded.

• The highest 10% of pump prices are $1.97 for regular unleaded.

Local averages

• Kingsport-Bristol ($1.51)

• Johnson City ($1.53)

Most expensive gas prices in the state

• Nashville ($1.72)

• Morristown ($1.67)

• Jackson ($1.57)

Least expensive gas prices in the state

• Cleveland ($1.43)

• Memphis ($1.45)

• Chattanooga ($1.51)

Across the nation

As gas prices continue to push cheaper across the country, only a dozen states carry an average of $2 per gallon or more. The national average is $1.77, which is 4 cents less than last week, 28 cents less than last month and $1.11 less than a year ago.

Some states could see minimal fluctuation at the pump in coming weeks if demand jumps as business are given the green light to reopen. However, this will not have a large impact for the majority of the nation’s motorists, AAA predicts.

What about oil?

At the end of Friday's formal trading session, West Texas Intermediate crude increased by 44 cents to settle at $16.94 per barrel, AAA reported.

Crude prices have recovered after turning negative last week for the first time since 1983. Last week’s decline in prices has been attributed to many factors, including the inability of market traders who owned oil futures to find other market participants to sell their futures contracts to and limited available crude storage options.

Crude prices started to push more expensive by the end of last week in response to reports of the Organization of the Petroleum Exporting Countries reducing crude output before the May 1 start date of its 9.7 million barrels-per-day production reduction agreement for May and June.

Crude prices will likely remain volatile this week, as the market continues to assess how much crude demand will continue to fall during the ongoing pandemic.

To view daily gas price averages, visit gasprices.aaa.com.

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