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NASHVILLE (December 28, 2018) — The plunge at the pump continues this week, and now gas prices are poised to have their lowest start to the New Year since January 1, 2016.
Americans are finding gas prices below $2 a gallon at 31 percent of filling stations in the United States. Since mid-October, the national average has plummeted a total of 61 cents. Thursday’s average price of $2.29 per gallon is the lowest since July 2017.
“Falling gas prices continue to be ‘the gift that keeps giving’ this holiday season,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “Prices at the pump declined as AAA projected last week, largely due to weakness in the stock market and concerns about global crude oversupply. Although oil and gasoline futures have been on a rollercoaster ride this week, wholesale gas prices have held steady. Unless oil prices suddenly spike, prices at the pump should remain low through the end of the year.”
Drivers in Tennessee can now find gas prices below $2 a gallon at about 63 percent of gas stations throughout the state. Gas prices in Tennessee averaged $2.03 per gallon on Thursday, after declining 6 cents in the past week. Since mid-October, the state average has declined a total of 65 cents. Tennessee motorists are now paying about 70 cents per gallon less than they did in May, and 22 cents per gallon less than this time last year.
Thursday’s state average price of $2.03 is the lowest daily average price since July 2017. It’s possible the state average could dip below $2 a gallon before the new year. The last time Tennessee gas prices averaged below $2 per gallon was on July 6, 2017. During that time, crude oil was trading at around the same price as it is right now ($45 per barrel).
Gas prices are below $2/gallon at 63% of Tennessee gas stations
90% of TN gas stations are selling regular unleaded below $2.25/g
Year-to-date, Tennesseans have paid an average price of $2.50 per gallon at the pump
The highest daily average price in 2018 was $2.73 on May 27
Most expensive gas price averages: Nashville ($2.14), Johnson City ($2.13), Kingsport-Bristol ($2.10)
Least expensive gas price averages: Chattanooga ($1.87), Cleveland ($1.93), Knoxville ($1.96)