Tennessee – (WOKI) – Tennessee drivers are seeing a noticeable drop in gas prices, according to the latest report from AAA.
The statewide average price for a gallon of regular gasoline has fallen 21 cents over the past week, bringing the average to $3.93. That’s about three cents cheaper than a month ago, but still $1.23 higher than this time last year.
AAA officials say declining crude oil prices are the main reason for the drop. Markets have reacted to reports of potential peace talks with Iran, which could reopen key global oil supply routes like the Strait of Hormuz.
“Any time we see dramatic drops in crude oil pricing, we typically see this reflected at the pump,” said AAA spokeswoman Megan Cooper.
Even with the recent decline, gas prices remain relatively high compared to recent years, and could fluctuate as the summer driving season ramps up.
Regionally, Memphis reported the highest average price in the state at $3.99 a gallon, followed by Knoxville at $3.97 and Nashville at $3.96. Chattanooga continues to have some of the lowest prices, averaging $3.71 per gallon.
Nationally, the average price for gasoline is $4.32 per gallon, down 18 cents from last week.
AAA says while current trends are encouraging for drivers, global uncertainty could cause prices to rise again if oil market conditions change.
