NASHVILLE, Tenn. (WKRN) — Drivers in the Volunteer State can breathe a little easier at the pumps after a new study shows gas prices have begun to fall.
Researchers with LendingTree analyzed data provided by American Automobile Association (AAA) and the U.S. Energy Information Administration to determine how gas prices have changed throughout the nation from March 2022 to March 2023.
According to the study, gas prices are down 7.2% across the country. In fact, in March 2022 motorists were paying an average of $3.95 per gallon. Now, in March 2023, drivers can expect to pay $3.36 per gallon.
Tennessee also saw a drop in prices and ranked fifth in the country as a state that saw one of the largest decreases in gas prices in a year span.
The study shows that last year, drivers in Tennessee could expect to pay at least $3.46 per gallon. Prices have now dropped 12.4%, with a gallon of gas now averaging $3.03 in 2023.
LendingTree also compared how prices fluctuate across the country, with some states like Hawaii averaging at a steep $4.88 per gallon. On the other hand, Texas has the lowest average gas price at $2.91 per gallon.
Matt Schulz, Chief Credit Analyst with LendingTree, says multiple factors are considered in determining how low, or high, gas prices will be in certain states.
“There are plenty of reasons why these states rank lowest, but a big part of it is simply that with all the refineries along the Texas and Mississippi coast, it’s pretty easy and inexpensive to get gas to gas stations in these states,” he said. “In addition, those two states have among the lowest gas tax rates in the nation.”