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Tennessee gas prices fall 4 cents over past week

Tennessee gas prices are continuing their downward trend, falling four cents over the course of last week. This week marks five straight weeks of declines in Tennessee’s state gas price average . The Tennessee Gas Price average is now $3.85 which is nearly 22 cents less expensive than one month ago and $1.14 more than one year ago.  

“Gas prices across Tennessee have been steadily declining for the last five weeks,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “The oil market remains volatile and fluctuations in crude oil prices are expected this week. Concerns about increased global oil prices and the expected jump in gasoline demand leading into the summer travel season could cause pump price declines to slow this week.”

Gas price average in Coffee County is currently $3.80, according to AAA. That is 5 cents below the state average and 28 cents below the national average of $4.08. The highest gasoline prices in the nation remain out west – averaging $5.70 in California.

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Quick Facts

· 89% of Tennessee gas stations have prices below $4.00 
· The lowest 10% of pump prices are $3.56 for regular unleaded 
· The highest 10% of pump prices are $4.18 for regular unleaded

National Gas Prices

The slide in gas prices slowed to a crawl over concerns about increased global oil prices and the return of seasonal domestic gas demands. The war in Ukraine and fear of less Russian oil entering the market caused the price of crude to creep back above $100 a barrel. Meanwhile, as more places in the U.S. see pump prices fall below $4 a gallon, demand is ticking back up. Domestically, the national average for a gallon of gas has fallen to $4.08.

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According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.5 million bbl to 233.1 million bbl last week. Gasoline demand increased slightly from 8.5 million b/d to 8.73 million b/d. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing prices at the pump. Pump prices will likely face downward pressure if oil prices remain near $100 per barrel.

Meanwhile, consumers will enjoy a tasty gas price–related treat courtesy of Krispy Kreme Doughnuts. For the next three Wednesdays, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. The offer runs through Wednesday, May 4^th. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.08, not including sales tax, only in shop, drive-thru, and online pickup.

Today’s national average for a gallon of gas is $4.08, which is 19 cents less than a month ago, and $1.21 more than a year ago.

National Oil Market Dynamics

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At the close of Thursday’s formal trading session, WTI increased by $2.70 to settle at $106.95. According to EIA’s weekly report, U.S. commercial crude oil inventories increased by 9.4 million barrels from the previous week to reach 421.8 million barrels. Despite reports of increased inventory, crude oil prices jumped last week as the European Union announced they are drafting plans to ban Russian oil imports, a move that could tighten global supply as member countries look for new sources for crude oil in an already tight market. Additionally, the most recent Oil Market Report from the International Energy Agency (IEA) forecasts that Russian oil output will shrink by about 1.5 million barrels per day this month as the result of financial and export sanctions. The crude oil market will likely remain volatile this week and could continue to fluctuate if concerns about supply persist.

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