Tennessee gas prices are approaching their lowest levels of the year, and motorists should see additional discounts this week. Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent – for concerns that strong global oil production will overpower demand.
Gas prices in Tennessee averaged $2.34 per gallon on Sunday, after dropping 8 cents in the past week. The average price in Tennessee has declined the past 45 consecutive days for a total discount of 35 cents. The lowest average price so far this year was $2.26/g, on January 1.
The national average price of $2.56 per gallon is 7 cents less than last week, nearly 30 cents less than last month, and the lowest daily average since March. Sunday’s U.S. average price was 7 cents more than this year’s low, of $2.49 set in January.
Crude oil prices plunged another 6 dollars a barrel last week to close the week at 50 dollars and 42 cents, the lowest since October of last year.