Tennessee Gas Price average is $2.23 which is two cents higher than last week, three cents higher than last month and 15 cents more than last year. But some great news – according to AAA, demand has decreased since October and stocks are expected to continue to drop, driving price decreases through years end.
The national gas price average is $2.57 which is one penny less than last week, a nickel less than one month ago, but 15 cents more than this time last year. The majority of states saw minimal movement at the pump in the last week, several saw decreases of up to four cents while fewer than a dozen states saw gas prices increase.
“Since the end of October, gasoline demand has mostly decreased as gasoline stocks have mostly increased, paving the way for cheaper gas prices,” said Jeanette Casselano, AAA spokesperson. “AAA expects stocks to continue to grow and drive gas prices even cheaper through year-end.”
At the close of Friday’s formal trading session on the NYMEX, WTI increased by 77 cents to settle at $59.20. Crude prices rose after reports emerged that OPEC and its partners announced an agreement to cut crude production by an additional 500,000 b/d to help maintain prices amid market fears of slowing global demand.