Gas Prices Drop 2-Cents In 'Boro

Gas prices opened the summer travel season averaging the lowest price in 12 years. Since June 1, Tennessee gas prices averaged $2.07 - 9 cents less than the same period last year, and the lowest since 2005 ($2.03). Here in the 'Boro, some discounters started the week at $1.86 per gallon. That's a 10-cent drop from the previous week.

June 1 - June 25	2017	2016	2005
National	$2.33	$2.35	$2.13
Florida	$2.31	$2.32	$2.16
Tampa Bay	$2.26	$2.27	$2.09
Georgia	$2.18	$2.24	$2.05
Tennessee	$2.07	$2.16	$2.03

"Lower gas prices will make it more enticing for Americans to take extended, or more frequent road trips this summer," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "And when travelers spend less at the pump, they are left with extra cash to spend on lodging, shopping, and dining out."

Gas prices in Tennessee averaged $2.02 on Sunday, yet motorists are finding gas prices well below $2 a gallon at many service stations throughout the state.

Tennessee ranks 6th among states with the lowest daily average price for gasoline. Sunday's state average was the lowest since

Gas prices are on a hot streak, falling for the 27th consecutive day on Sunday, for a total discount of 10 cents during that time.

The state average declined 3 cents during the past week, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express.

The most expensive gas price averages in Tennessee are in Nashville ($2.06), Memphis ($2.05), and Clarksville-Hopkinsville ($2.02)
The least expensive gas price averages in Tennessee are in Chattanooga ($1.92), Johnson City-Kingsport-Bristol ($1.99)

"Oil prices moved even lower last week, dragging gas prices down with them," Jenkins said. "Oil prices are having a hard time stabilizing amid fears that oversupply will continue dominating market. The slump at the pump is not over yet. Prices are falling at a steady rate, and motorists should see another round of discounts this week."

Gas Price Tools for Reporters/Consumers

AAA.com- Daily national, state, and metro gas price averages.
AAA Mobile app- Free app that shows current prices at a gas station near you.

Summer Gas Prices will Rival Those from 2016

The national average for gasoline was $2.23/g from June 1 - August 31, 2016. The national average fell from $2.38 in June, to as low as $2.12 in August.
The Tennessee average for gasoline was $2.03/g from June 1 - August 31, 2016. The state average fell from $2.20 in June, to as low as $1.88 in early August.
Gasoline prices declined in line with the falling price of crude. Daily WTI settlements dropped from $51.23 in June, to as low as $39.51 in early August.

Fuel Fundamentals (Based on weekly data provided by the EIA)

1· Crude oil prices averaged the lowest in 10 months

2· U.S. crude inventories decreased by 2.5 million barrels (0.5%) to 509.1 million, but remain 1.8% higher than last year

3· Domestic crude production rose by 20 barrels, averaging 7.1 percent higher than last year

4· Refineries continue running strong, operating at 94 percent capacity

5· Wholesale gasoline is down 2 cents from the week before

6· Domestic gasoline production increased last week, averaging 10.2 million barrels per day.

7· Gasoline supplies inched lower nationwide, but higher in the Gulf Coast

8· Gasoline demand surged 5.9 percent higher than the week before, but remains 1.6 percent lower than this time last year

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.265	$2.270	$2.296	$2.372	$2.311	$4.114 (7/17/2008)
Tennessee	$2.019	$2.024	$2.053	$2.110	$2.109	$4.118 (9/15/2008)