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Gas prices continue to fall as demand decreases

Staff Report • Jan 21, 2020 at 7:30 PM

NASHVILLE — Gas prices are falling like the temperatures across the state and the nation.

Tennessee’s average gas price is $2.32, which is 3 cents less than last week, a penny higher than one month ago and 32 cents higher than one year ago, according to AAA.

The national average is $2.54, which is 3 cents cheaper than last week, a penny less than last month and 30 cents more than a year ago. Gas prices edged lower last week as gasoline stocks grew to 258 million barrels, a level not recorded by the Energy Information Administration in nearly a year.

“Motorists across the country are paying less to fill up as U.S. gasoline supply outpaces demand this winter,” said Jeanette Casselano, AAA spokesperson, in a press release. “Typically, we see cheaper gas prices this time of year as motorists generally drive less.”

Most expensive gas prices in the state

• Jackson ($2.36)

• Memphis ($2.36)

• Morristown ($2.36)

• Nashville ($2.36)

Least expensive gas prices in the state

• Cleveland ($2.16)

• Chattanooga ($2.21)

• Clarksville-Hopkinsville ($2.23)

• Kingsport-Bristol ($2.29)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by 2 cents to settle at $58.54, AAA reported.

Crude prices fell last week after new data showed that China’s economy, the world’s second largest, grew by 6.1% in 2019; it is the country’s slowest expansion in 29 years.

The slower-than-expected growth rate has increased market concerns that global crude demand may decline this year. If those concerns continue into this week, crude prices could decrease again.

To view daily gas price averages, visit www.GasPrices.AAA.com.