NASHVILLE, Tenn. (CLARKSVILLENOW) — Oil prices hit a new low last week, further fueling the plunge at the pump.
Gas prices in Tennessee dropped another 8 cents last week. At $2.42 per gallon, the state average is the lowest since March, and only 16 cents higher than this year’s lowest daily average price of $2.26/g.
Thanksgiving gas prices in Tennessee will be slightly higher than last year.
AAA forecasts more than 1.2 million Tennesseans will travel for Thanksgiving. Of those, 95 percent (nearly 1.2 million) will drive. By Thanksgiving Day, the state average should drop to $2.38/g, which is only 8 cents more than last year’s holiday ($2.30).
“Tennesseans can be thankful for strong oil production and supplies, which have set the table for some of the lowest gas prices of the year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The state average should carve-off another 5 cents before Thanksgiving, and eventually drop below $2.20/g before fully adjusting to recent oil and wholesale gas price declines. However, there is potential for oil prices to rise in December, depending on how markets respond to possible OPEC oil production cuts and sanctions against Iranian oil exports.”