Current Tennessee Gas Prices Drop for Third Straight Week

Tennessee’s average price per gallon for regular gasoline was recently at $3.50, reflecting a drop of three cents versus the past week, according to figures from AAA.

This is the third consecutive week that the state has witnessed its prices at the pump fall. It was two weeks ago that the entire state and the whole country saw a first-time drop in the weekly average for each gallon of regular gasoline.

The most recent average price of gasoline at the national level is one cent lower, at $3.69 per gallon. Particularly relative to Tennessee, the average per gallon price of gasoline in Georgia is five cents lower at $3.59.

Nashville’s most recent average price per gallon for regular gas was at $3.55 per gallon, a one-cent fall versus the past week.

The current oil price is $1.50 more than last week at $93.45, according to the report from AAA.

During the past week, the U.S. currency fell versus the euro and raised the purchasing power for international investors, leading to higher per barrel oil prices, said AAA. Moreover, the Labor Department of the U.S. reported that jobless claims dropped by 10,000 for the first time, which is contrary to the expected increase. This boosted the positivity of a rise in demand in the weeks to come, reported AAA.

The price of gasoline fell once again, but the rate of decline is anticipated to weaken as spring approaches, a period when demand begins to pick up, said AAA spokeswoman Jessica Brady in a press release. In case the gasoline prices today continue to drop this week, it will most probably be minimal. Otherwise, rates at the pump should stay stable and lower than their levels last year.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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