Gas Prices Will Begin Dropping Soon

gas prices 5Motorists are seeing the cheapest gas prices to start September since 2010. Compared to this time last year, the national average price for a gallon of regular unleaded is 14 cents cheaper, 19 cents cheaper in Florida, 14 cents cheaper in Georgia and 16 cents cheaper in Tennessee.
A recent report from the U.S. Labor Department is keeping downward pressure on the price of oil and gasoline. According to the report, US employers added the fewest number of jobs this year in August.
“Demand typically eases going into the fall, but a high jobless report causes speculation that demand for gasoline may be even lower,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “This report, combined with easing geopolitical tensions between Russian and Ukraine, and refineries beginning to switch from summer to winter-blend fuels all continue to place downward pressure on what is already unseasonably low gas prices. This continued trend could push gas prices below $3 a gallon, in some markets, before the end of the year.”
Oil prices hit a seven month low this week. The price for a barrel of WTI on the NYMEX closed at $93.29 on Friday, a $2.67 decline over last week’s close of $95.96. Meanwhile, gas prices fluctuated last week. The average price for a gallon of regular unleaded is the same as last Sunday nationwide ($3.44) and in Tennessee at ($3.21).
Around Coffee County the low price in Manchester is $3.12 per gallon and in Tullahoma it’s $3.09.