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Gas prices drop for 37th straight day

Tennessee gas prices have continued their decline for a consecutive 37 days, dropping 21 cents since January 5 when the Tennessee gas price average was $2.39. The Tennessee Gas Price average  is $2.18 which is five cents cheaper than last week, 21 cents less than one month ago, and 14 cents more than one year ago.

In Coffee County, prices are average $2.13 per gallon of regular unleaded. In nearby Rutherford County, gas is close to nudging below the $2 mark – with average prices at $2.05 per gallon of regular unleaded.

“Tennessee motorists are experiencing the cheapest prices at the pump that we’ve seen in 2020,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Cheaper crude and healthy stock levels are helping to push gas price averages across the state lower.”

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National Gas Prices

Monday’s national gas price average is $2.44. That is four cents cheaper than last week and 16 cents cheaper than last month. Motorists across the country can find gas for less than $2.25 at 1 in 3 (38%) of all gas stations.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped by 63 cents to settle at $50.32. Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. If international travel decreases, global crude demand would likely follow suit and result in lower crude consumption worldwide. Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.

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Tennessee Regional Prices

  • Most expensive metro markets –  Morristown ($2.28), Memphis ($2.25), Jackson  ($2.24)
  • Least expensive metro markets – Cleveland ($1.99), Chattanooga ($2.08), Clarksville ($2.12)

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