KNOXVILLE, Tenn. — Gas prices are slowly falling as the pump across the U.S. and in Tennessee. On Tuesday, AAA reported that the national and state averages fell for the fifth week in a row.
They said that on Tuesday, it cost an average of around $4.50 for a gallon of gas in the U.S. The average price was below that in Tennessee, at $4.08 per gallon. The gradually lowering prices come after months of record-breaking high prices that continue to strain household budgets.
The average price for a gallon of gasoline in Knox County was around $4.31 — the third highest average in the state. The price of gasoline in Knoxville was slightly lower, at around $4.27 per gallon, according to AAA.
According to the AAA report, it was the highest price for gas compared to other major metropolitan areas in the state.
Despite the relatively high prices, costs fell compared to a week ago when it was around $4.42 per gallon in Knoxville.
AAA said that the lower national average price was due to both lower demand for gasoline and falling global prices for oil. They said the cost of a barrel of oil was in the mid-$90s, down from around $110 two weeks ago.
A year ago, a gallon of gasoline cost, on average, around $2.89 in Tennessee. It was also an average of $3.17 per gallon across the U.S.