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Gas prices fall as crude rises

Staff Report • Oct 28, 2019 at 8:15 PM

NASHVILLE — Gas prices are falling in Tennessee and across the country, though continued refinery maintenance and higher crude oil prices may cause volatility at the gas pump.

Tennessee’s average gas price is $2.30, which is 3 cents less than a week ago, 7 cents less than a month ago and 30 cents less than a year ago, according to AAA. The national average sits at $2.60, which is 4 cents less than a week ago, 5 cents less than a month ago and 21 cents less than a year ago.

“Tennessee prices declined this week. However, drivers could still see price fluctuations in the coming weeks,” said Stephanie Milani, Tennessee public affairs director for AAA, in a press release. “Across the nation, refineries are still conducting maintenance, and crude oil prices increased last week on word that domestic crude inventories fell. As a result, motorists could see price volatility for the near future. Tennessee drivers are still paying 30 cents per gallon less than last year. Which means they’re saving almost $5 on a full tank of gasoline.”

Most expensive gas prices in the state

• Jackson ($2.36)

• Nashville ($2.36)

• Memphis ($2.34)

Least expensive gas prices in the state

• Cleveland ($2.22)

• Chattanooga ($2.23)

• Kingsport-Bristol ($2.23)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by 43 cents to settle at $56.66, AAA reported.

Crude prices increased this week after the Energy Information Administration’s report revealed that total domestic crude inventories fell by 1.7 million barrels to 433.2 million barrels last week.

Growth in crude exports last week from 3.24 million barrels per day to 3.68 million barrels per day helped to push crude inventories lower. When compared to last year at this time, this year’s export rate is 1.5 million barrels per day higher.

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