Gas prices falling in Tennessee as COVID-19 slows travel demand

Gas prices across the world continue to fall as countries battle a slowdown in commerce prompted by the spread of COVID-19 coronavirus, and a price war between oil-producers Saudi Arabia and Russian Federation.

Gas prices are plunging primarily because Floridians are not driving as much as they normally do this time of year.

The national average price for a gallon of gas is now $1.997, according to AAA, and it's expected to drop further in the next few weeks - to $1.75 or even lower. The lowest price per gallon in North Escambia was at $1.75 per gallon at one Cantonment station.

Motorists are paying an average of $26 for a full 15-gallon tank of gasoline, a discount of $18 from when prices were their highest in July 2019. But drivers are paying less than $1.99 at more than two-thirds of the gas stations in the US, according to AAA data. If wholesale prices hold at current levels, the state average could eventually sink below $1.60 per gallon.

Without adjusting for inflation, the last time the national average was under $1 was over 30 years ago in 1988, when it was 90 cents.

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The average retail price for a gallon of gasoline in the United States fell below $2 a gallon on Tuesday, the American Automobile Association said.

Amid the pandemic, there is "quite a bit more downside that's in the pipeline coming in the weeks ahead", he added.

According to AAA, 94 percent of Tennessee filling stations ave gas prices less than $2.

A user on GasBuddy reported the low price at an Ole and Lenas Fuel Depot in Wautoma, Wisconsin, becoming possibly the cheapest gas in the country.

  • Darren Santiago