Gas prices fell another 7 cents last week as the price of crude oil continues to drop. WTI fell below $50 a barrel on the NYMEX, settling at $48.36 on Friday, the lowest settlement since April 2009.
“The price of crude is continuing its downward slide due to excess supply and weak demand,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Global oil prices are expected to remain low for the first half of 2015, which could put additional pressure on high-cost production countries like the United States. Rebel forces continue to disrupt supply from OPEC member country Libya, yet the level of global oversupply appears capable of easing concerns that might otherwise send prices higher due to production concerns.”
The average price for regular unleaded in Tennessee dropped below $2 a gallon for the first time since May 2009. The average price has fallen for 102 consecutive days in Tennessee. Gasoline prices are currently at their lowest level since May 2009.
The national average was $2.14 Sunday, 7 cents cheaper than a week ago, 48 cents below last month, and $1.18 less than last year. Tennessee’s average price of $1.97 fell 8 cents from last week, is 47 cents cheaper than last month, and $1.15 less than this time last year.
The low price in Manchester is $1.82 and in the low price is $1.86 per gallon in Tullahoma.
Lower Gas Prices Continue
