Record travel expected this holiday season, gas prices may drop

Johnson City Press • Dec 16, 2019 at 5:22 PM

The average gas price in Tennessee declined 2.2 cents per gallon in the past week to $2.26 per gallon Monday, according to GasBuddy's daily survey of more than 3,800 gas stations. 

Gas prices in Tennessee are 2.7 cents per gallon lower than a month ago, but still 16.6 cents per gallon higher than a year ago. The average price in Johnson City wast $2.27. In the Kingsport-Bristol metro area, AAA reported an average price of $2.25. 

According to GasBuddy price reports, the cheapest station in Tennessee was charging $2.04 per gallon Monday, while the most expensive price was $2.99.

The national average has declined 3 cents per gallon in the last week, averaging $2.55. The national average is about 20 cents more than this time last year, but prices fell 5.5 cents per gallon from a month ago. 

"Gasoline prices have now slid to their lowest level since March thanks to rising U.S. gasoline inventories and sluggish demand, certainly bringing some Christmas cheer to motorists," GasBuddy analyst Patrick DeHaan said in a Monday news release.

"The jump in gasoline inventories has been so large it has offset oil prices, which touched $60 per barrel last week, as well as the U.S. and China suggesting they've reached a trade deal.

“Pending more significant proven trade ties between the two major countries, we may have seen the rally in oil stall for now, as refined product inventories post notable jumps going into the end of the year.” 

A recent AAA report said a record number of Americans and Tennesseans will travel this year for the holidays. An estimated 115.6 million will travel this holiday season in the United States. 2.76 million Tennesseans are projected to travel this year, representing an increase of 4.4% over last year and the most on record. Still, AAA analysts expect prices to drop during this time. 

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

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