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Gasoline stocks soar, pushing down gas prices

Staff Report • Aug 12, 2019 at 9:30 PM

NASHVILLE — Luckily for motorists, gas prices are continuing to decline across the state and the nation.

Tennessee’s average gas price is $2.43 per gallon for regular unleaded, the seventh lowest average in the nation. The average is 6 cents less than last week, 12 cents less than a month ago and 20 cents less than one year ago, AAA reported.

Today’s national average is $2.64, which is 7 cents less expensive than last Monday, 13 cents less than a month ago and 21 cents cheaper than a year ago. Domestic gasoline stocks built by a surprising 4.4 million barrels, according to the Energy Information Administration’s latest data, bringing the U.S. stock to a level not seen since the end of March.

“On the week, nearly half of all states saw gas price averages decrease by at least a nickel,” said Jeanette Casselano, AAA spokesperson, in a press release. “While gasoline demand increased week-over-week, it wasn’t enough to stay on pace with the huge jump in gasoline stocks. Therefore, pump prices continue to decline across the country.”

Most expensive gas prices in the state

• Nashville ($2.43)

• Jackson ($2.42)

• Memphis ($2.41)

Least expensive gas prices in the state

• Cleveland ($2.17)

• Chattanooga ($2.25)

• Kingsport-Bristol ($2.34)

What about oil?

At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude increased by $1.96 to settle at $54.50, AAA reported.

Crude prices increased last week after reports emerged that the Organization of the Petroleum Exporting Countries is considering additional crude production cuts. In July, the cartel announced that it and its partners would extend the 1.2 million barrels-per-day crude production reduction agreement for an additional nine months.

More details about the potential production cuts will likely be discussed at OPEC’s next meeting on Dec. 5-6 in Vienna. Crude prices could increase this week amid further indications that global crude supply will tighten this fall.

To view daily gas price averages, visit GasPrices.AAA.com.

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