AAA: Gas prices drop below $4 in Tennessee
NASHVILLE, Tenn. (WSMV) - For the first time in three weeks, the Tennessee gas price average fell below $4.00 per gallon, according to data provided by AAA.
Gas prices, on average, fell five cents over the last week. The Tennessee Gas Price Average is now $3.97, which is 30 cents more expensive than one month ago and $1.28 more than one year ago.
“Gas prices across Tennessee are drifting lower thanks to declining crude oil prices. About 75% of gas stations across the state have prices below $4.00 per gallon, Megan Cooper, spokeswoman, AAA – The Auto Club Group, said in a news release. “The oil market is seeing stronger downward pressure from the planned release of oil from the U.S. Strategic Petroleum Reserve in an effort to ease global supply concerns.”
According to data, the lowest 10% of pump prices are now $3.73 for regular unleaded gasoline while the highest 10% of pump prices are $4.22 for regular unleaded.
President Biden’s decision to release 1 million barrels of oil per day for six months from the Strategic Petroleum Reserve helped send the global oil price tumbling to near $100 bbl. The release is intended to stem rising energy prices. The national average for a gallon of gas has fallen to $4.18, which is six cents less than a week ago, 35 cents more than a month ago and $1.31 more than a year ago.
According to data, Tennessee’s most expensive metro markets include Nashville ($3.99), Morristown ($4.02) and Knoxville ($4.05). The least expensive metro markets include Kingsport ($3.89), Johnson City ($3.92) and Clarksville ($3.92).
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