Britain’s vote to leave the European Union could impact Americans in a variety of ways; one of them could be lower gas prices. The price for crude oil, which is globally traded on the stock market, declined by nearly $2.50 the day after the vote. Since two-thirds of the price of gasoline is influenced by oil prices, this reduces the likelihood of gas prices rising in the near future.
“Gas prices were already falling before the vote, but reductions in the price of oil should allow that trend to continue,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Increased gasoline demand is currently being offset by healthy refinery production, and gas prices are expected to remain at their lowest point for this time of year since 2005.”
The average price for a gallon of gasoline is $2.10 in Tennessee, down 4-cents from last week.
In Coffee County this week the low price is $1.93 in Tullahoma and in Manchester it’s a $1.95.
Britain’s Vote helps to bring down Gas Prices
