Updated June 25, 2019

Giles County gas prices has dropped to $2.29 per gallon for regular unleaded at some pumps, which is seven cents less than a week ago, 20 cents less than one month ago and 19 cents less than one year ago.

Today’s average is $2.68, which is six cents cheaper than last week, 17 cents less than last month and 20 cents less than the same time last year.

According to AAA, the national average dropped six cents last week, following a consistent downward trend since Memorial Day. The decline is unusual for this time of year. Typically, increased demand puts strain on supply and the imbalance pushes pump prices higher. This year however, gasoline stocks have remained consistent thanks to strong domestic outputs and healthy imports, which help push pump prices lower.  

Before market fears increased, the price of crude hit its lowest point in six months last week. The drop in crude oil prices was supported by EIA revealing that total domestic crude inventories grew again by 2.2 million barrels and now sit at 485.5 million barrels. The current level is 53 million barrels higher than last year’s level at this time.