Regular unleaded gas prices drop eight cents in past week in Tennessee
NASHVILLE, Tenn. (WSMV) - Gas prices across Tennessee continue a downward trend, according to data from AAA – The Auto Club Group.
In early March, Tennessee reached its highest average for a gallon of gas at $4.13. On average gas prices across the state fell by nearly eight cents in the last week. The Tennessee Gas Price Average is now $3.89 which is nearly 24 cents less expensive than one month ago and $1.21 more than one year ago.
“Fortunately for us in Tennessee we’ve finally gotten some good news in regard to gas prices,” said Megan Coopers, a spokesperson for AAA.
“Gas prices are continuing to fall across the state, providing much needed relief at the pump for Tennesseans,” AAA – The Auto Club Group spokeswoman Megan Cooper said in a news release. “If oil prices remain below $100 per barrel we can expect to see additional drops in pump prices again this week.”
Cooper says the metro area has seen a nine-cent decrease compared to a week ago.
“We’re seeing gas prices a little over 20 cents cheaper right now than we were a little over a month ago which is great news for drivers especially as we head into the summer travel season,” said Cooper.
Drivers News 4 talked with at the pump were glad to know prices are going down, but they’re still high compared to just a few months ago.
“I do a lot of driving for work, so I’ll notice it up in Gallatin or something that it’ll be $3.79 but they’re still pretty high,” said Russ Pentecost.
Elahu Dixon commutes to work. He shops around for the cheapest gas in and around the city.
“Definitely going to find the cheapest gas these days instead of just going to fill up at any place. Do my best to get a discount at any place to get a discount,” said Dixon.
According to AAA, 86% of Tennessee gas stations now have prices below $4.00 per gallon. The lowest 10% of pump prices are $3.59 for regular unleaded while the highest 10% of pump prices are now $4.19. All metro areas in the state now have a metro average below $4 per gallon.
Gas experts credit a lower price of crude oil for the reason consumers are paying less at the pump.
“The biggest change we have seen in the market is declining crude oil prices over the course of last week. We were seeing crude oil trade for less than a $100 per barrel,” said Cooper.
The global oil market has seen lower prices since the U.S. and its allies agreed to significant releases of oil reserves. Also weighing down oil prices is the fear of resurgent COVID-19 infections in China and its potential for an economic slowdown in one of the world’s largest oil-consuming nations. Domestically, the national average for a gallon of gas has fallen to $4.11, which is seven cents less than a week ago, 22 cents less than a month ago and $1.25 more than a year ago.
The Clarksville market is the least expensive metro market at $3.81 per gallon, followed by Kingsport ($3.82) and Chattanooga ($3.83). The most expensive metro markets are Memphis ($3.93) and Knoxville and Morristown, both $3.99 per gallon.
Many drivers are hoping the price continues to go downward. Experts say it’s up to world events and the global oil market.
“The market is still pretty volatile so borrowing any big changes in the market in the short term. It does seem pretty likely that we’re going to see those decreases at the pump through this week. However, that’s still not to say something big can happen in the oil market that could reverse that,” said Cooper.
For now, experts say they’re unsure if prices will go back up but it’s dependent upon the global oil market.
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