Gas prices in Tennessee have shown some variation over the past few weeks, but as the new year begins, drivers are finding relief at the pump. According to AAA, the average price for a gallon of gasoline in the state stands at $2.50. This figure represents a decrease of seven cents compared to last month and a notable drop of 24 cents from the same period last year.
Megan Cooper, a representative from AAA – The Auto Club Group, highlighted that Tennessee motorists are starting the year with prices nearly a quarter lower than they were a year ago. This decline can be attributed primarily to a stable oil supply coupled with a decrease in demand relative to previous years. While global events can certainly sway prices, Cooper indicated that there are currently no signs suggesting that recent international developments will significantly affect gas prices. As a result, drivers can anticipate only minor fluctuations in the weeks ahead.
Despite ongoing attention to the situation in Venezuela, oil prices have remained fairly stable. On Friday, U.S. crude oil was priced at $57.32 per barrel, reflecting an increase of 58 cents from the previous week. Analysts point out that although Venezuela was once a significant player in the oil market, its exports have been constrained for years due to sanctions, and the global supply of oil continues to be adequate.
When examining gas prices across different metropolitan areas in Tennessee, Nashville has the highest average at $2.60 per gallon, followed closely by Jackson at $2.55 and Cleveland at $2.53. On the other end of the spectrum, the most affordable prices can be found in Morristown at $2.38, with Kingsport and Knoxville both at $2.42.
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