Tennessee gas prices have continued their decline for a consecutive 37 days, dropping 21 cents since January 5 when the Tennessee gas price average was $2.39. The Tennessee gas price average is $2.18 which is 5 cents cheaper than last week, 21 cents less than one month ago, and 14 cents more than one year ago.
“Tennessee motorists are experiencing the cheapest prices at the pump that we’ve seen in 2020,” said Megan Cooper, spokesman for AAA-The Auto Club Group. “Cheaper crude and healthy stock levels are helping to push gas price averages across the state lower.”
Monday’s national gas price average was $2.44. That is 4 cents cheaper than last week and 16 cents cheaper than last month. Motorists across the country can find gas for less than $2.25 at 1 in 3 (38%) of all gas stations.
At the close of Friday’s formal trading session on the NYMEX, WTI dropped by 63 cents to settle at $50.32. Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel.
If international travel decreases, global crude demand would likely follow suit and result in lower crude consumption worldwide. Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.
Tennessee’s most expensive metro markets are Morristown ($2.28), Memphis ($2.25), and Jackson ($2.24).
The state’s least expensive metro markets are Cleveland ($1.99), Chattanooga ($2.08), and Clarksville ($2.12).
Regular unleaded gas price averages in Tennessee were $2.18 on Monday, Feb. 10, $2.23 a week ago, $2.39 a month ago, and $2.04 a year ago.