Monday, December 10, 2018

Gas Prices Fall Across Tennessee

Posted By on Mon, Dec 10, 2018 at 10:53 AM

click to enlarge AAA
  • AAA
Gas prices across Tennessee have fallen 52 cents over the past two months, according to AAA.

The state average on Sunday was $2.17, down seven cents from a week ago, 34 cents from last month, and 9 cents from this time last year. 
click to enlarge AAA
  • AAA

"Gas prices in Tennessee could drop another 5 to 8 cents this week, but should level off soon," said Mark Jenkins, AAA spokesman. “Pump prices are close to catching up with the recent crude price plunge.

"However, oil prices are beginning to increase, after (Organization of Petroleum Exporting Countries — OPEC) announced a production cut agreement on Friday. Regardless, drivers should continue to enjoy low gas prices through the end of the year, unless oil prices suddenly spike."

  • AAA
Oil prices rallied Friday after OPEC announced it would cut production by 1.2 million barrels per day for the next six months. This will likely lead to higher gas prices, according to AAA, given that about half of the cost motorists pay at the pump is based on the cost of crude oil used to make gasoline.

In Memphis, the current average for a gallon of regular is $2.11, according to AAA.

Across the state, the most expensive gas price averages were Nashville ($2.28), Johnson City ($2.28), and Clarksville-Hopkinsville ($2.22)

The least expensive gas price averages were Cleveland ($2.01), Chattanooga ($2.01), and Knoxville ($2.10).

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