Weekly Gas Price Update

gas prices 6The national average price for a gallon of gasoline declined for the first time in 40 days. The U.S. average rose 42 cents since January 27, but dipped four-tenths of a cent Sunday.
“Motorists are beginning to see some relief at the pump after prices rose in response to increased oil prices and refinery maintenance season,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
Since oil prices plunged in the past year, concerns of a slowdown in domestic oil production caused oil prices to rise, having a direct effect on prices at the pump. The price of WTI rose more than $8 a barrel from January to mid-February, peaking at $53.53. Since that time, oil prices have swung up and down by a few dollars, but settled at $49.61 on the NYMEX Friday – a decline of 15 cents from the week before.
The national average price of gasoline is $2.45, 4 cents higher than last week, but $1.04 cheaper than this time last year. The average price in Tennessee is $2.22, 3 cents more than last week, but $1 cheaper than a year ago.
In Manchester the low price is $2.10 per gallon and in Tullahoma it’s $2.09.