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Tennessee gas prices decline 5 cents this month

Staff Report • May 13, 2019 at 7:45 PM

NASHVILLE — Many motorists across the state have been enjoying cheaper gas prices the last couple weeks.

Tennessee’s average gas price is $2.57 per gallon for regular unleaded, which is 3 cents less than a week ago and 3 cents less than one month ago, AAA reported. The state average fell 2 cents the previous week, leading to a 5-cent decline so far this month.

The national gas price average is $2.86 — 3 cents less than last week’s average, 4 cents less than one month ago and the same as this time last year. Last week’s decline of 3 cents is the largest weekly decline in three months, according to AAA.

“For the first time in three months, gas prices are declining slowly but steadily across the country,” said Stephanie Milani, Tennessee public affairs director for AAA, in a press release. “The move to cheaper gas prices may indicate that demand and supply are potentially leveling out. However, there are many factors that could quickly push up prices in the coming weeks such as the impact of Chinese tariffs, weather, gasoline stock levels and Memorial Day travel volume.”

Local averages

• Johnson City ($2.56)

• Kingsport-Bristol ($2.56)

Most expensive gas prices in the state

• Jackson ($2.62)

• Nashville ($2.62)

• Memphis ($2.59)

Least expensive gas prices in the state

• Chattanooga ($2.44)

• Cleveland ($2.46)

• Knoxville ($2.54)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude decreased 4 cents to settle at $61.66, according to AAA.

On the week, crude prices moved lower because of global concerns around trade negotiations between the U.S. and China. This, plus reports that two Saudi oil tankers were attacked in the Strait of Hormuz, are likely to keep crude prices volatile this week.

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

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