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Gas prices dip below $2 a gallon

A complete analysis of the January 2020 Tennessee labor situation is not currently available due to the March 3 tornado in Nashville. Once the Department’s offices reopen, the analysis will be posted online

The Tennessee gas price average has decreased by five cents this week amid concerns about the coronavirus and crude oil prices hitting a 4-year low. The Tennessee Gas Price average is now $2.16 which is three cents less than one month ago and 13 cents less than one year ago. Tennessee is the 10th least expensive market in the nation.

Locally in Manchester, gas prices could be found as low as $1.96 per gallon of regular unleaded on Monday afternoon.

“For the third week, U.S. gasoline stocks decreased while demand increased. Generally, growing demand amid declining stocks causes increases at the pump, but crude oil prices have dipped to four-year lows, signaling spring could be cheaper at the pump,” said Megan Cooper, spokesperson, AAA – The Auto Club Group.

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National Gas Prices

The national gas price average is cheaper on the week (-5 cents), month (-5 cents) and year (-9 cents) – giving the vast majority of motorists savings at the pump. At $2.38, the national gas price average has not been this cheap since last February.

National Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $4.62 to settle at $41.28. Crude prices plunged at the end of last week after OPEC and other major crude producers, including Russia, failed to set a new production reduction agreement amid mounting global crude demand concerns caused by COVID-19. The rapid decline in crude prices has increased market concerns that an oil price war may breakout this week between major crude producers, contributing to further economic troubles worldwide as crude prices continue to drop dramatically. Moreover, the market continues to worry that the impact of COVID-19 will lead to a reduction in global economic growth and global travel, with crude demand expected to decrease. Until it appears that the international public health threat from the virus decreases, crude prices are likely to continue facing significant downward pressure.

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