The news pushed a barrel of oil near $95, only to be countered by more pessimistic news about the economy.
After oil prices spiked they quickly deflated after the Commerce Department said GDP grew less than expected in the first quarter of the year. Inventories of crude continue to climb beyond 20-year highs and U.S. oil production remains ample.
A barrel of oil closed Friday at $93 on the New York Mercantile Exchange — $4.99 more than the week prior.
The national average price of regular unleaded gasoline is $3.50, 2 cents less than last week. Tennessee’s average of $3.26 decreased 2 cents.
Gas savings are even better in Coffee County, where some Manchester discounters are offering regular gas for $3.16 per gallon, and in Tullahoma the low price is $3.13.