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

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

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

The COVID19 outbreak has played a huge role in oil prices falling causing gas prices to continue dropping.

According to GasBuddy.com, the national average gas price has fallen 10 cents in just a week down to $1.97 a gallon.

The goal behind the low prices?

Gas Buddy, a price-checking phone app, listed Gas USA's prices as one of the lowest in the area Tuesday morning, with only EXBO, a gas station down the road at Bellaire Avenue and West 117th Street, matching Gas USA's 99.9 cents price tag.

The average price for a gallon of gas in Buffalo is down four cents this week to $2.37, while in Batavia gas is three cents lower at $2.42 per gallon.

New data from the Energy Information Administration reveals that with many Americans staying at home and practicing social distancing, gas demand dropped dramatically - from 9.7 million b/d to 8.8 million b/d - last week. "If the state average eventually drifts below $1.73, pump prices would be the lowest since 2009. Motorists should continue to be vigilant if they need to fill their tanks- bring hand sanitizer and potentially wipes, but also shop around as the gap between station widens to historic levels".

The national average price was $1.97 Monday, which is down 45.5 cents per gallon from one month ago.

Sales are down so far that the EPA has delayed the annual switch to summer-blend gas from May 1 to May 20 to give stations more time to clear their stocks.

According to GasBuddy price reports, the cheapest station in Madison was priced at $1.25 per gallon on Monday, while the most expensive was $1.79 per gallon.