Motorists in Tennessee welcomed the New Year with gasoline selling below $2 a gallon at some filling stations. This begins what could be a year of monstrous savings at the pump after record-high oil production in 2014 pushed crude oil and gas prices to the lowest level in six years.
U.S. gasoline prices were $1.11 more expensive just one year ago. At the beginning of 2014, the national average for regular unleaded was $3.32. Prices rose in the spring due to refinery maintenance and the switch to “summer-blend gasoline,” peaking at $3.70 on April 18th. Prices fluctuated through the summer, before finishing the year on a historic 97-day streak of declines, dropping $1.08 from September 26 – December 31. That streak reached 101 days on Sunday, with prices falling a total of $1.13 so far.
“The entire landscape for gas prices has changed in a year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “People went from squirming at the thought of potentially paying $4 for gasoline, to wondering how soon is too soon to fill their gas tanks so they can get the lowest possible price at the pump? The answer remains, ‘tomorrow is the best day to buy gas,’ because prices are getting cheaper every day.”
The average motorist currently saves nearly $22 for a 15-gallon tank of gasoline, compared to what they paid when prices were at their peak in April. American families could save as much as $550 this year on annual gasoline expenses compared to last year. In 2014, the average savings were $120 compared to the year before.
Gasoline prices are forecast to remain much lower this year. The experts say the national average price for a gallon of regular unleaded to be $2.60 – 74 cents below last year’s average.
The average price per gallon in Tennessee is $2.04. In Coffee County the low price for gas in Manchester is $1.97 and in Tullahoma the low price per gallon is $1.95.
Gas Prices $1.11 Less Than a Year Ago
