KNOXVILLE, Tenn., (WATE) — AAA has ranked Tennessee as having the ninth lowest gas prices in the country. The statewide average for gas prices is $2.95, which is 22 cents cheaper than last month and 35 cents cheaper than last year.
According to AAA, gas prices across the nation are dropping below $3 per gallon and are expected to continue to decline.
This drop in gas prices is due to a decrease in the average cost of oil, which is currently around the mid-$70s per barrel, compared to the mid-$80s range of two weeks ago. The WTI, an oil index, has also decreased in price to $75.33 per barrel.
“Drivers are now finding the lowest prices at the pump in ten months, and thanks to falling crude oil prices, this downward trend is likely to continue through the holidays,” Megan Cooper, the AAA – The Auto Club Group spokesperson, said.
She also mentioned that all but Tennessee’s metro areas have metro gas price averages below $3 per gallon and that it’s probable the remaining three metros will soon fall below this mark as well.
Among the various regions in East Tennessee, Morristown has the highest gas prices at $3.04 per gallon, while Chattanooga has the lowest at $2.77 per gallon. Knoxville is slightly higher than the state average, with gas prices at $2.87 per gallon as of Monday.