A steady stream of declining gas prices in the mid-state continued last week, however, the rate at which prices are falling is expected to slow this week and level out. On Sunday, gas prices declined for the 49th consecutive day.
“The streak of falling prices should come to an end soon,” said Mark Jenkins, a spokes- man for the auto club group, AAA. “Oil and wholesale gasoline prices made solid gains last week, after the EIA’s supply report showed high U.S. crude and gasoline exports, and an increase in gasoline demand.”
According to a release from AAA, the capacity at oil refineries has reached pre-Hurricane Harvey levels.
Unsurprisingly, the most expensive gas price averages in Tennessee are in Nashville at $2.34, followed by Memphis at $2.27, and the Clarksville-Hopkinsville area at $2.24.
The least expensive gas price averages in Tennessee are in Chattanooga, Knoxville, and the tri-cities area of Johnson City-Kingsport-Bristol.
“Continued growth in oil inventories will keep a ceiling on oil prices, and prevent gasoline prices from making strong gains. While there could be some volatility, gas prices should follow a mostly downward trend through the rest of the year,” said Jenkins. “However, the discount at the pump is not currently forecast to be much lower than present levels.”
The highest average price in Tennessee this year was $2.60 on September 10. The lowest was $1.99 on July 5.