AAA: Falling oil costs could plummet pump prices after Thanksgiving

Consumer

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(WJHL) — The AAA reported on Monday that travelers could expect relief at the pump, but not before Thanksgiving holiday plans.

A release from the auto company states that the Tennessee gas price average sits at $3.11 — 4 cents cheaper than previously reported in October, yet $1.25 more per gallon compared to prices this time last year.

“The price of crude oil accounts for about 50%–60% of what consumers pay at the pump, so a lower oil price should translate into better gasoline prices for drivers,” said AAA Spokesperson Stephanie Milani. “But until global oil production ramps back up to pre-pandemic levels, this recent dip in the price of crude may only be temporary.”

Despite this, a proposed 48.3 million Americans are expected to hit the roads for upcoming holiday get-togethers, which would be the most travelers since 2013.

AAA found that 26% of Tennessee gas stations have pump prices below $3, with the lowest 10% at $2.90 for unleaded and the highest 10% at $3.40 for regular unleaded. The auto group also listed Tennessee at 9th in the nation for the least expensive pump prices.

In Northeast Tennessee, localities are currently listing gas prices at the following rates, on average:

  • Carter County — $3.098
  • Greene County — $3.018
  • Hawkins County — $3.064
  • Johnson County — $3.186
  • Sullivan County — $3.096
  • Unicoi County — $3.091
  • Washington County — $3.147

In Southwest Virginia, prices are, on average, as follows:

  • Buchanan County — $3.315
  • Dickenson County — $3.194
  • Lee County — $3.160
  • Russell County — $3.244
  • Scott County — $3.107
  • Smyth County — $3.219
  • Tazewell County — $3.245
  • Washington County — $3.253
  • Wise County — $3.130

For more information on gas prices, CLICK HERE.

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