Gas Prices Continue To Drop

gas prices2The national average price for gasoline dipped 4 cents last week, and prices in the southeast fell even further. Pump prices in Florida, Georgia and Tennessee are down 5 cents compared to last week, after falling for 18 consecutive days.
“Motorists are finally getting some consistent relief at the pump thanks to declining oil prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “By this fall, prices could creep closer to levels seen at the beginning of this year, possibly even below $2 a gallon in some markets, as long as oil remains low.”
Compared to peak prices in mid-June, the current state average is down 16 cents in Tennessee.
West Texas Intermediate crude oil closed below $50 per barrel, for two consecutive days this past week, for the first time since April, due to a surplus in crude inventories and speculation that the market will remain oversaturated in the near term. At the close of Friday’s formal trading on the NYMEX, WTI settled at $48.14 per barrel.
In Tennessee the current average price ($2.42) is 5 cents cheaper than last week, 14 cents cheaper than a month ago, 89 cents cheaper than this time last year. In Manchester the low price as of Tuesday afternoon was $2.28 per gallon and in Tullahoma the low price is $2.30.