Gas demands decline as recession fears weigh down oil market
Cookeville – Recession fears seem to be weighing down oil market expectations on a global level. Those fears led to a drop in the price of crude oil recently, according to aaa.com. Crude oil is down $7, and domestic gasoline demand decreased with fewer drivers filling up their tanks in the first half of October. However, market fear and a lack of oil demand may lead to lower prices at the pump.
In the Upper Cumberland, gas prices average $3.387 a gallon, according to aaa.com. That number is just higher than the state average which stands at 3.377. On a national level, the average price for a gallon of gas is 3.888.
Tennessee is in the nation’s 10 least expensive markets for gasoline.
Where can you fill your tank on the cheap in the Upper Cumberland? White County is the most affordable at $3.26 while Van Buren County has the highest average gas prices in the Upper Cumberland at $3.49.
The average price of gasoline nationally is unchanged from the weekend, but the price of diesel fuel has gone up slightly from $5.271 to $5.284.
However, from this time last year, the average price of gas nationally has increased from $3.319 to $3.919. On June 14 of this year, gas hit an all-time high of $5.02 nationally.
The nation’s top 10 least expensive markets:
- Georgia ($3.25)
- Texas ($3.30)
- Mississippi ($3.33)
- South Carolina ($3.37)
- Arkansas ($3.38)
- Tennessee ($3.38)
- Louisiana ($3.40)
- Florida ($3.40)
- Alabama ($3.43)
- and Missouri ($3.46)