Gas prices continue to plunge and they are directly connected to declining global crude oil prices. In Tennessee the average price fell 2-cents to $1.88 this week.
Crude oil has fallen more than $62 since the summer of 2014. On Friday, the price of WTI settled at $45.59 a barrel on the NYMEX, $3.10 cheaper than the week before.
“Gas prices will keep falling until the price of oil bottoms out,” said Mark Jenkins with AAA. “It’s unclear when that will happen, but oil prices should remain relatively low through the first half of the year. AAA expects the national average for gasoline to remain below $3 per gallon in 2015, barring any major fluctuations in the global price of crude. While increased seasonal demand and maintenance at refineries may result in a typical 30-50 cent increase in pump prices this spring, a major global price recovery is unlikely to be on the horizon, unless there are major market disruptions or geopolitical events.”
The average price at the pump has dropped a record 122 consecutive days, for a total a savings of $1.30 per gallon during this stretch. The national average price for regular unleaded gasoline is $2.04 per gallon.
In Manchester the low price is $1.77 and in Tullahoma it’s a $1.79 per gallon.
Weekly Gas Price Update
