Fuel prices are plunging. Tennessee motorists have seen gas prices decline 19 cents in the past 31 days. Sunday’s state average of $2.50 is 5 cents less than a week ago, and the lowest since April 12th. Despite the recent discount, we are still paying 16 cents per gallon more than this time last year.
AAA spokesman Mark Jenkins said the price of producing gasoline has dramatically declined during the past month, thanks to concerns of lower global demand and strong fuel supply production. Jenkins said unless oil prices change course, we could easily see pump prices shed another 10 to 20 cents before 2019, and slip below year-ago levels by Thanksgiving.
The national average has declined 20 cents during the past month. Sunday’s national average price was $2.70 per gallon.