The Tennessee Gas Price average is $2.28 which is four cents less than last week, 3 cents lower than one month ago, and 23 cents higher than one year ago. Prices are expected to slip even lower in the coming days.

Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million bbl - the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990.

"Increased total domestic stocks of gasoline have helped to ease pump prices," said Megan Cooper, Public & Government Relations Consultant, AAA - The Auto Club Group. "Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response."

Oil Market Dynamics

At the close of Friday's formal trading session on the NYMEX, WTI dropped by $1.40 to settle at $54.19. Crude prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop further.

Regional Prices

• Most expensive metro markets - Memphis ($2.33), Jackson ($2.33), Morristown ($2.33)
• Least expensive metro markets - Cleveland ($2.12), Chattanooga ($2.17), Clarksville - Hopkinsville ($2.20)