NASHVILLE, Tenn. (WTVF) — Tennessee is now the 7th least expensive gas market in the nation, with a new average of $4.59 per gallon of regular unleaded.
This week's state average is lower than the prior week's by almost five cents, but it is still 30 cents more expensive than one month ago and $1.74 more than one year ago.
The most expensive metro markets in Tennessee are currently Jackson ($4.68), Nashville ($4.63) and Memphis ($4.62). The least expensive metro markets in Tennessee are Chattanooga ($4.51), Cleveland ($4.55) and Johnson City ($4.55).
"After weeks of increasing gas prices, Tennesseans are finally catching a small break at the pump," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Tennessee also moved up one spot this week to the 7th least expensive market in the nation. Oil and gasoline futures saw significant losses last week, likely tied to last week's rate hike from the Federal Reserve bank, sparking fears of a possible recession. Falling crude oil prices and a drop in domestic demand are helping to limit pump price increases, however, the fuel market remains very unstable. Fluctuating pump prices still can't be ruled out this summer."
The highest 10% of Tennessee pump prices are $4.87 for regular unlimited, while the lowest 10% are $4.40 for regular unleaded.
Only 24% of Tennessee gas stations have prices below $4.50.
The current national average is $4.98 for a gallon of regular unleaded, down three cents from last week.