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Gas prices fall across most of U.S.

Staff Report • Oct 7, 2019 at 6:00 PM

NASHVILLE — Gas prices are falling across most of the United States, though motorists are still paying more at the pump than they did a month ago.

Tennessee’s average gas price is $2.35, which is 2 cents less than one week ago, 9 cents more than last month and 35 cents less than this time last year, AAA reported. The national average is unchanged from last week at $2.65 but is 8 cents more than a month ago and 26 cents less than a year ago.

On Monday, 51% of all gas stations in the country were selling regular unleaded for $2.50 or less, while 77% were selling for $2.75 or less. Most motorists around the country are seeing prices decline or stabilize, with the majority of states seeing gas prices decrease by as much as a nickel since last Monday.

Significant price jumps in California (+16 cents on the week) have pushed prices higher for motorists in that region, as gasoline stocks tighten along the West Coast.

“All regions are seeing planned and unplanned refinery maintenance, but it is only the West Coast that is really seeing gasoline stocks tighten and gas prices increase,” said Jeanette Casselano, AAA spokesperson, in a press release. “On the whole, we are seeing gasoline demand mostly push lower amid stable but healthy gasoline stock levels, which are ultimately keeping prices cheaper for most motorists.”

Local averages

• Johnson City ($2.35)

• Kingsport-Bristol ($2.31)

Most expensive gas prices in the state

• Jackson ($2.39)

• Nashville ($2.38)

• Memphis ($2.38)

Least expensive gas prices in the state

• Cleveland ($2.24)

• Morristown ($2.25)

• Chattanooga ($2.26)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by 36 cents to settle at $52.81, AAA reported.

Crude prices ended the week lower after continued trade tensions between the U.S. and China worried market observers. Those fears grew after the World Trade Organization ruled that the U.S. could impose tariffs on imports from the European Union.

Increased tariffs could reduce global crude demand, helping to push prices down even further while crude supplies continue to increase. In this week's report from the Energy Information Administration, the agency reported that total domestic crude inventories grew by 3.1 million barrels last week. At 422.6 million barrels, crude stocks are 18.7 million barrels higher than where they were at this time last year.

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