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FROM STAFF REPORTS
NASHVILLE – In a welcome respite for Tennessee motorists, the state’s average gas price has dipped below $3 per gallon for the first time since January. Over the past week, gas prices statewide decreased by an average of seven cents, bringing the Tennessee Gas Price average to $2.95. This marks a notable 22-cent drop from just one month ago and a substantial 35-cent decrease compared to the same period last year.
Megan Cooper, spokeswoman for AAA – The Auto Club Group, attributes this decline to falling crude oil prices. She anticipates this downward trend to persist through the holiday season, providing relief for drivers. Currently, all but three of Tennessee’s metro areas boast gas prices below $3 per gallon, and it’s expected that these remaining areas will join the trend in the coming week.
Here are some quick facts about Tennessee’s current gas prices:
77% of gas stations in Tennessee offer prices below $3.00.
The lowest 10% of pump prices are at $2.65 for regular unleaded.
The highest 10% of pump prices are at $3.43 for regular unleaded.
Tennessee holds the position of the 9th least expensive market in the nation.
Nationally, the average gas price stands at $3.36 per gallon, reflecting a five-cent drop from the previous week. The national decline, albeit slow, may gain momentum due to recent decreases in oil prices. Oil, the primary component of gasoline, has experienced a dip from the mid-$80s per barrel to the mid-$70s in the past two weeks.
The Energy Information Administration’s (EIA) temporary data release delay last week did not hinder the downward trajectory of national gas prices. The EIA is expected to resume its regular publishing schedule this week. Lower pump prices and a decline in oil prices are likely tied to steady or decreased gas demand.
The national average of $3.36 per gallon is currently 26 cents less than a month ago and 41 cents less than this time last year.
In regional terms, the most expensive metro markets in Tennessee are Morristown ($3.04), Memphis ($3.02), and Jackson ($3.01). On the other end of the spectrum, Chattanooga ($2.77), Cleveland ($2.81), and Clarksville ($2.84) boast the least expensive metro markets. Drivers can stay informed about current gas prices using the AAA TripTik Travel planner.
As Tennessee gears up for the holiday season, the decline in gas prices is poised to be a boon for motorists across the state.