NASHVILLE, Tenn. (WTVF) — Average prices at Tennessee gas pumps fell for the first time in several weeks, by almost eight cents.
Tennessee's gas price average is now $4.04, and though this represents an overall weekly decline, it is still 75 cents more expensive than one month ago and $1.35 more than one year ago.
The most expensive metro markets in the state are Knoxville ($4.12), Morristown ($4.11) and Nashville ($4.08). The least expensive are Chattanooga ($3.99), Cleveland ($3.99) and Memphis ($4.00).
Approximately 53% of Tennessee gas stations have prices below $4.00, with the lowest 10% sitting at $3.82 for regular unleaded and the highest 10% at $4.27 for regular unleaded.
Nationally, gasoline demand is slightly lower than it has typically been at this point in the year, possibly because it's more expensive than usual to fill up.
Crude oil prices first spiked after Russia launched its war in Ukraine.
Last week, when China announced new lockdowns alongside rising COVID-19 infection rates, the prices changed course.
The global price of crude oil is now about $20 lower than it was at its peak.
If the cost of oil continues to decrease, pump prices will likely follow suit. However, the market remains extremely volatile; if oil prices climb again, pump prices are likely to follow.
The ever-fluctuating prices of gas will next be strongly impacted by a meeting of E.U. foreign ministers on Monday to decide whether the 27-nation bloc should join the U.S. in banning Russian energy imports.