Gas Prices Will Continue To Fall

gas prices2The price of oil is on its longest weekly slump of the year, after reaching the lowest closing price since the ‘Great Recession’. This continues to put downward pressure on the price of gasoline, which dropped another 2 cents last week in the southeastern U.S.
There continues to be a surplus amount of oil in the global market which is expected to keep prices of both oil and gasoline on the low end through the rest of this year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gas prices did not fall as fast last week as they have in recent weeks, but that is to be expected because we are still in the middle of the peak driving season. Gas prices should fall even faster in the fall when school is back in session.”
Last week, the price of oil reached its lowest closing price since March 3, 2009. On that day, the price of oil was $41.65, and gasoline averaged $1.81 in Tennessee. As of Tuesday the price of oil was $41.87 per barrel.
The current average price for gas in Tennessee is $2.29 per gallon. In Coffee County the low price is $2.16 in Manchester and in Tullahoma the low price per gallon is $2.19.