10:08am

Mon May 12, 2014
Business

Gas Prices Way Down, AAA Says They're Headed Still Lower

MURFREESBORO, Tenn. (WMOT)  --  Gas prices have been falling steadily for about two weeks here in Tennessee and analysts with AAA say they expect fuel prices to fall still further.

Triple A’s Mark Jenkins says Tennessee gasoline prices peaked back on April 26th when regular unleaded hit a high of $3.52. Today’s AAA Fuel Gauge report shows a statewide average of $3.46.

Jenkins says you can thank the fact that the U.S. is producing record amounts of oil and that the nation’s refineries are operating at capacity.

“U.S. crude oil production in April reached its highest monthly average since March, 1988. Most refineries are back to full capacity after reducing their output during the spring refinery maintenance season. A lot more supply is getting out there to the gas stations, meeting that demand we’re seeing here in the springtime.”

Jenkins says he does not expect a bump in gas prices during the upcoming Memorial Day holiday weekend.

Prices here in the Murfreesboro area are even lower than the state average. On Monday, Gasbuddy.com listed dozens of stations selling regular unleaded at $3.35 a gallon and lower.