Tennessee’s average gas price dropped nearly 8 cents last week to $1.69, which is 49 cents less than one month ago and nearly 83 cents less than one year ago, AAA reported. Two metro areas have seen double-digit decreases at the pump in the last week: Kingsport (nearly 15 cents) and Johnson City (14 cents).
“This week, market analysts are watching crude oil prices, which started to increase at the end of last week,” said Megan Cooper, AAA spokesperson, in a press release. “However, given the low demand readings, increases in crude aren’t likely to have an impact on gas prices in the near term.”
• 63% of Tennessee filling stations have sub-$1.75 gas prices.
• Tennessee gas prices have declined for 40 consecutive days for a total discount of nearly 55 cents per gallon.
• Eight metro areas have average prices below $1.75 per gallon.
Most expensive gas prices in the state
• Nashville ($1.86)
• Morristown ($1.78)
• Kingsport ($1.72)
Least expensive gas prices in the state
• Memphis ($1.53)
• Cleveland ($1.54)
• Chattanooga ($1.62)
Across the nation
The national gas price average is $1.92, which is 9 cents cheaper than last Monday, 48 cents less than a month ago and 81 cents less expensive than a year ago, AAA reported. On the week, pump prices continued to push less expensive with gasoline demand registering at its lowest point since 1993.
The latest Energy Information Administration (EIA) weekly report puts demand at 6.7 million barrels per day, a nearly 30-year low, and it’s likely to push lower as Americans are urged to stay at home at least until the beginning of May.
What about oil?
At the end of Friday's formal trading session, West Texas Intermediate crude increased by $3.02 to settle at $28.34 per barrel.
Domestic crude prices increased at the end of last week following news that the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, planned to hold an emergency meeting to discuss potential crude production cuts amid the global oversupply caused by COVID-19.
Crude prices are likely to remain volatile this week until the meeting, where the market will be looking to see if production cuts are enacted and if they are drastic enough to curb the growing oversupply of crude in the global market.
To view daily gas price averages, visit gasprices.aaa.com.