Gas prices reach 2018 low

As gas prices have been dropping over the last few months, the prices at the pump hit a new low over the weekend.

As of Sunday, gas prices across the country are the lowest of 2018. Tennessee gas prices have declined steadily over the past seven weeks, declining 45 cents over 52 consecutive days.

In Tennessee, the average price per gas is $2.24 per gallon, compared to the nationwide average of $2.47 per gallon. The national average is nine cents less than last week, and two cents below the previous 2018 low.

“Compared to when pump prices peaked in May, Americans are now saving an average of $5-$10 every time they go to the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows, because there’s so much oil in the global market and not enough demand to absorb it. OPEC and Russia hope to change that. They meet on Thursday to discuss a production cut, in hopes of boosting oil prices. A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds.”

As of Monday, the average price of gas in Dickson was $2.08 per gallon, with some gas stations advertising prices below $2.00. Nashville remains the area with the highest gas prices ($2.35) with Johnson City ($2.33) and Morristown ($2.28) following behind. Cleveland remains to be the place with the lowest gas prices in the state ($2.04) with Chattanooga ($2.09) and Knoxville ($2.19) rounding out the bottom three.

If the prices of crude oil continue to decline, motorists could see the prices at the pump continue to fall into 2019.