Gas prices dipped last week after the price of oil fell to its lowest level in 3 months. West Texas Intermediate settled below $51 a barrel for the first time since April and gas prices are responding in kind.
“The price of oil continues to be the main driver of gas prices, said Mark Jenkins, spokesman, AAA – The Auto Club Group. “As oil gets cheaper, it becomes less expensive to produce gasoline, and those savings are reflected in prices at the pump.”
Three weeks ago, oil settled as high as $59.47 a barrel. The peak price this year was $61.43 in June. Last week, oil sunk to $50.89/b – the lowest settlement since April 9, when gas prices were 20 cents cheaper.
Gas prices have been on the downward trend since peaking in mid-June. Tennessee gas prices have declined 29 of the last 32 days.
The Tennessee state average price ($2.47) is 4 cents cheaper than last week, 11 cents cheaper than a month ago, 89 cents cheaper than this time last year. Inside Coffee County, the low price in Manchester is $2.32 per gallon and in Tullahoma the low price is $2.33.
Gas Prices Continue To Fall
