The lowest price for regular unleaded gasoline in Memphis listed on memphisgasprices.com was $2.29 a gallon at the Exxon station, 8001 E. Shelby Drive at Hacks Cross Road.
The price of crude oil moved slightly higher last week after positive economic news boosted investor confidence. Crude oil rose $2.35 to $83.86 a barrel on the New York Mercantile Exchange Wednesday during the holiday-shortened trading week.
Investor optimism rose after the Labor Department stated U.S. jobless claims dropped by 34,000 — a sign oil demand will start to accelerate. Still, concerns about debt problems in several European countries are keeping crude prices from spiking above $85 a barrel, according to AAA.
"Crude prices will likely remain between $80 and $85 a barrel this week as news of strained foreign economies and an uptick in the U.S. economy will cause prices to yo-yo," said Jessica Brady, manager of public relations for AAA. "
Read more: Gas prices fall 3 cents in Tennessee | Memphis Business Journal
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