GasBuddy: gas prices fall back down again

Johnson City Press • Updated Feb 4, 2019 at 6:33 PM

After a slight increase in gas prices toward the end of January, prices in Tennessee have fallen 2.2 cents per gallon in the past week, averaging $2 Monday morning, according to a GasBuddy report that surveyed more than 3,800 stations across the state. 

In Johnson City, the average price as of Monday was $2.02 per gallon. In Kingsport and Bristol, the average price was $2. Monday’s national average was $2.25. 

"While oil prices have risen to their highest in months on the instability in Venezuela's political situation, gasoline demand has remained weak and supply strong, thus keeping increases firmly in check," analyst Patrick DeHaan said in a news release.

"As the record gasoline supply continues to overshadow markets ahead of the road to summer gasoline, any updrafts at the pump will be small and limited for now, but once the transition begins, the supply overhang will be drawn down in short order as refiners liquidate winter gasoline, ushering in eventually higher prices come late-February and early March."

Average gasoline prices on Feb. 4 in Tennessee have ranged widely over the last five years:

The average price was $2.40 per gallon in 2018, $2.05 per gallon in 2017, $1.58 in 2016, $1.96 in 2015 and $3.07 in 2014.