NASHVILLE, Tenn. (WTVF) — Gas prices are showing their largest weekly decline since the financial crisis in 2008.
AAA reports regular unleaded gasoline is averaging about $4.29 per gallon across the United States. That’s down roughly 20 cents from a week ago and three cents from Monday.
The future of gas prices remains unclear as the war in Iran continues.
In Tennessee, gas prices declined over the last week. AAA said the statewide average fell 21 cents to $3.93 per gallon, making Tennessee the 10th least expensive gas market in the nation.
AAA spokesperson Megan Cooper said crude oil prices have dropped amid reports of peace talks with Iran that could potentially reopen the Strait of Hormuz.
“The price of crude oil accounts for about half the price you see at the gas pump, so any time we see dramatic drops in crude oil pricing we typically see this reflected in our pump prices as well,” Cooper said.
AAA said Tennessee’s average gas price is now three cents lower than one month ago, but still $1.23 higher than this time last year.
The most expensive metro markets in Tennessee were Memphis at $3.99 per gallon, Knoxville at $3.97 and Nashville at $3.96.
The least expensive metro markets were Chattanooga at $3.71, Clarksville at $3.78 and Cleveland at $3.85.
Nationally, AAA said gas prices remain at their highest levels in four years as the summer driving season gets underway.
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
| Area | Monday | Sunday | Week Ago | Month Ago | One Year Ago |
|---|---|---|---|---|---|
| Tennessee | $3.933 | $3.955 | $4.143 | $3.966 | $2.707 |
| Chattanooga | $3.710 | $3.758 | $4.045 | $3.928 | $2.643 |
| Knoxville | $3.974 | $3.996 | $4.178 | $3.940 | $2.685 |
| Memphis | $3.992 | $4.005 | $4.123 | $3.956 | $2.738 |
| Nashville | $3.963 | $3.980 | $4.182 | $3.986 | $2.745 |
Click here to view current gasoline price averages.
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