Tennessee gas prices have fallen 3.2 cents per gallon in the past week, averaging $3.04/g today, according to GasBuddy’s daily survey of 3,821 stations in Tennessee.
Gas prices in Tennessee are 7.9 cents per gallon lower than a month ago and stand $1.17/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Tennessee is priced at $2.19/g today while the most expensive is $3.69/g, a difference of $1.50/g.
The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.34/g today. The national average is down 6.9 cents per gallon from a month ago and stands $1.19/g higher than a year ago.
Around the Southeast, Huntsville, Alabama experienced the largest price decrease last week, as prices fell 4.8 cents per gallon from $3.12/g to $3.07 per gallon. Nashville’s price fell 4.4 cents from $3.12/g to $3.08/g. Finally, Chattanooga’s prices fell under $3 per gallon, as prices dropped 4.3 cents from $3.02/g to $2.98/g.
“The downturn in average gas prices continued to gain momentum last week as oil prices remained at a hefty discount. This is largely due to continued anxiety over the omicron variant and because some countries have begun
issuing lockdowns, keeping motorists in some countries from consuming as much fuel,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “While the Great Lakes region, the fastest to see prices respond to market
fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind. But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices.
“It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices.”