Coronavirus Threatens Gas Prices

Tennessee gas prices have fallen 3.5 cents per gallon in the past week, averaging $2.17/g today, according to GasBuddy's daily survey of 3,821 stations. Gas prices in Tennessee are 3.1 cents per gallon lower than a month ago and stand 3.6 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Tennessee is priced at $1.93/g today while the most expensive is $2.79/g, a difference of 86.0 cents per gallon. The lowest price in the state today is $1.93/g while the highest is $2.79/g, a difference of 86.0 cents per gallon. The cheapest price in the entire country today stands at $1.69/g while the most expensive is $4.89/g, a difference of $3.20/g.

The national average price of gasoline has fallen 6.2 cents per gallon in the last week, averaging $2.41/g today. The national average is down 4.4 cents per gallon from a month ago and stands 1.8 cents per gallon lower than a year ago.

Historical gasoline prices in Tennessee and the national average going back ten years:
March 2, 2019: $2.20/g (U.S. Average: $2.43/g)
March 2, 2018: $2.30/g (U.S. Average: $2.53/g)
March 2, 2017: $2.07/g (U.S. Average: $2.32/g)
March 2, 2016: $1.56/g (U.S. Average: $1.79/g)
March 2, 2015: $2.18/g (U.S. Average: $2.43/g)
March 2, 2014: $3.20/g (U.S. Average: $3.46/g)
March 2, 2013: $3.58/g (U.S. Average: $3.76/g)
March 2, 2012: $3.59/g (U.S. Average: $3.74/g)
March 2, 2011: $3.28/g (U.S. Average: $3.39/g)
March 2, 2010: $2.59/g (U.S. Average: $2.68/g)

Neighboring areas and their current gas prices:
Chattanooga- $2.07/g, down 4.3 cents per gallon from last week's $2.12/g.
Nashville- $2.27/g, down 2.4 cents per gallon from last week's $2.29/g.
Huntsville- $2.19/g, down 1.4 cents per gallon from last week's $2.21/g.

"As the spread of the coronavirus induces panic on markets, oil prices have been walloped and motorists should avoid filling up as the plummet in oil prices starts showing up at their local gas station in the days ahead," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Nearly every village, town and city in every state will see gas prices dropping- the pace may vary, of course- but over the next week gas prices will move lower solidly, barring any dramatic improvement in the spread of the virus. The drop in oil is little comfort to those who've been watching the stock market fall, but gas stations have plenty of room to drop prices, in some cases nearly 25-35 cent drops over the next few weeks will happen. My advice for motorists is delay buying gasoline and expect noticeable drops for the time being as the world obsesses over the spread of COVID-19."