Gas prices drop for 10th straight day

Gas prices declined for the tenth consecutive day on Sunday. Gas prices in Tennessee declined two cents during the past week.

The average price for gasoline in Tennessee is averaging $2.61 per gallon.

Sunday’s state average was a half cent less than a month ago, yet 56 cents more than this time last year.

The most expensive gas price averages in Tennessee are in Jackson ($2.67), Memphis ($2.64), and Nashville ($2.63)

The least expensive gas price averages in Tennessee are in Cleveland ($2.52), Chattanooga ($2.54), and Clarksville-Hopkinsville ($2.56)

The national average declined 4 cents during the past week. Sunday’s average of $2.84 per gallon is 2 cents less than a month ago, yet remains 56 cents more than last year.

“Oil prices averaged $3-$5 less than the previous three weeks, allowing gas prices to lose value,” said Mark Jenkins, spokesman, AAA - The Auto Club Group.

“Although prices are lower, there is still volatility at the pump as gasoline demand remains high during the summer driving season and global supply concerns persist.”

Market prices were mixed last week due to higher oil production and supplies versus lower gasoline stocks in the face of strong demand. The latest supply report from the Energy Information Administration (EIA) showed U.S. crude production finally reached the much-anticipated 11-million-b/d mark. Conversely, gasoline stocks dropped as demand ramped up.