Tennessee's state average gas price is $2.46 per gallon for regular unleaded, which is five cents less than last week's average, five cents more than one month ago, but 14 cents cheaper than one year ago.
Today's national average is $2.73, is three cents less expensive than last Monday, two cents more than a month ago but 12 cents cheaper than last year.
"Gas prices this month are on average a dime less expensive than in July 2018. These less expensive gas prices have encouraged summer road trips as evidenced by robust demand numbers since May," said Jeanette Casselano, AAA spokesperson. "Right now, pump prices are poised to push even cheaper going into August."
Crude Oil
At the close of Friday's formal trading session on the NYMEX, WTI increased by 18 cents to settle at $56.20. Crude prices mostly increased last week after EIA's weekly report showed that total domestic crude inventories fell by 10.8 million bbl. With OPEC continuing to reduce crude production, tighter domestic crude supplies could cause prices to continue to increase if demand tightens. Unresolved tension in the Middle East also contributed to price increases last week.
