The state average is $2.16, which is 3 cents less than one month ago and 13 cents less than one year ago. Tennessee is the 10th least expensive market in the nation, according to AAA.
The national gas price average is also 5 cents cheaper on the week, giving the vast majority of motorists savings at the pump. At $2.38, the national gas price average has not been this cheap since last February.
“For the third week, U.S. gasoline stocks decreased while demand increased,” said Megan Cooper, AAA spokesperson, in a press release. “Generally, growing demand amid declining stocks causes increases at the pump, but crude oil prices have dipped to four-year lows, signaling spring could be cheaper at the pump.”
• Kingsport-Bristol ($2.12)
• Johnson City ($2.14)
Most expensive gas prices in the state
• Memphis ($2.21)
• Jackson ($2.20)
• Morristown ($2.19)
Least expensive gas prices in the state
• Cleveland ($1.99)
• Chattanooga ($2.05)
• Clarksville ($2.08)
What about oil?
At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude decreased by $4.62 to settle at $41.28, AAA reported.
Crude prices plunged at the end of last week after the Organization of the Petroleum Exporting Countries and other major crude producers, including Russia, failed to set a new production reduction agreement amid mounting global crude demand concerns caused by COVID-19.
The rapid decline in crude prices has increased market concerns that an oil price war may break out this week between major crude producers, contributing to further economic troubles worldwide as crude prices continue to drop dramatically. Moreover, the market continues to worry that the impact of COVID-19 will lead to a reduction in global economic growth and global travel, with crude demand expected to decrease.
Until it appears that the international public health threat from the virus decreases, crude prices are likely to continue facing significant downward pressure.
To view daily gas price averages, visit www.GasPrices.AAA.com.