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Gas price drop hits 28-day streak, oil price increase could halt decline

Johnson City Press • Updated Jun 25, 2018 at 5:31 PM

Gas prices in Tennessee declined for the 28th consecutive day Sunday, but higher oil prices may soon put a stop to the recent downward streak, according to an AAA report released Monday. 

On Friday, AAA analysts said, oil prices increased $3 to $68.58 per barrel, despite a recent agreement between OPEC and non-OPEC nations to raise oil production. 

"This news could bring some volatility back to the pumps this week," AAA spokesman Mark Jenkins said. "Gas prices could rise a couple pennies or simply level out.

“Anything more than that would require crude to make additional gains this week. Regardless, it's encouraging that OPEC decided to raise production in hopes of avoiding a global supply deficit.

“That's good news for motorists because this should eventually lead to lower prices at the pump."

The Tennessee average for a gallon of regular unleaded gas was $2.60 – 5 cents less than a week ago and 12 cents less than last month. State motorists are still, however, paying nearly 60 cents more per gallon compared to this time last year. 

As of Monday, gas prices averaged $2.58 per gallon in Johnson City, Kingsport and Bristol. 

• The most expensive gas price averages in Tennessee are in Nashville ($2.66), Jackson ($2.65) and Memphis ($2.63)

• The least expensive gas price averages in Tennessee are in Cleveland ($2.49), Knoxville ($2.54) and Chattanooga ($2.56)

For more information on local, state and national gas price trends, visit www.gasprices.aaa.com.

 

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