NASHVILLE, Tenn. (WJHLL) — Though prices at the pump are 30 cents more expensive than one month ago, average gas prices in Tennessee dropped 5 cents within the last week, according to AAA.
A news release from the Auto Club Group stated Tennessee’s average, which currently stands at $4.59, is $1.74 more than this time last year. Though prices remain high, the state’s gas prices are the seventh cheapest in the U.S.
“After weeks of increasing gas prices, Tennesseans are finally catching a small break at the pump. Tennessee also moved up one spot this week to the 7th least expensive market in the nation,” stated AAA’s Megan Cooper in a release. “Oil and gasoline futures saw significant losses last week, likely tied to last week’s rate hike from the Federal Reserve bank, sparking fears of a possible recession.
Falling crude oil prices and a drop in domestic demand are helping to limit pump price increases; however, the fuel market remains very unstable. Fluctuating pump prices still can’t be ruled out this summer.”
Data from AAA revealed that nearly a quarter of Tennessee gas stations have prices below $4.50, with the lowest of those prices at $4.40 and the highest at $4.87.
Since last week, the national average price for a gallon of gas decreased by 3 cents to $4.98, and the slight drop in gas demand helps put a halt on price increases.