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Gas prices reverse direction after record spike

For the first time in several weeks, the Tennessee gas price average saw a weekly decline.  The Tennessee Gas Price average is now $4.04 which is 75 cents more expensive than one month ago and $1.35 more than one year ago.  This is down 8 cents from last week.

Gas prices in Coffee County are at $4.04 on average – which is inline with the state average and 21 cents below the national average of $4.25.

“Tennessee gas prices are slowly beginning to trend downward, mostly due to a decline in crude oil prices,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “If oil prices continue to drop this week, pump prices will likely follow suit. However, it’s important to remember that the oil market remains extremely volatile. Any big swings in crude oil pricing, in either direction, will continue to factor into local pump prices.”

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Quick Facts

· 53% of Tennessee gas stations have prices below $4.00 
· The lowest 10% of pump prices are $3.82 for regular unleaded 
· The highest 10% of pump prices are $4.27 for regular unleaded

National Gas Prices

After hitting a record $4.33 on March 11, the national average for a gallon of gasoline has fallen to $4.25. The primary reason is the lower global price of crude oil, which peaked shortly after Russia launched its war in Ukraine, but is now more than $20 lower and hovering near $105/bbl. Domestically, gasoline demand is defying seasonal trends and has dipped slightly, perhaps in response to higher prices at the pump.

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According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 3.6 million bbl to 241 million bbl last week. Gasoline demand also decreased slightly from 8.96 million b/d to 8.94 million b/d. The drop in gas demand is contributing to price decreases, but the recent reversal in oil prices is creating downward pressure on pump prices. If the oil price continues to decline, pump prices will likely follow suit. However, should oil prices start to climb again, pump prices will likely follow.

Today’s national average for a gallon of gas is $4.25, which is seven cents less than a week ago, 72 cents more than a month ago, and $1.37 more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased by $1.72 to settle at $104.70. After crude prices spiked in response to Russia’s invasion of Ukraine, crude prices changed course in reaction to China announcing new lockdowns alongside rising COVID-19 infection rates last week. However, crude prices could increase further this week as E.U. foreign ministers, who will meet Monday in Brussels, decide whether the 27-nation bloc should join the United States in banning Russian energy imports, including crude oil. Additionally, EIA reported that total domestic crude stocks increased by 4.3 million bbl to 415.9 million bbl last week.

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