AAA: August Gas Prices Hit 4-Year Low

gas prices2Motorists heading to the gas pumps are finding the cheapest August gas prices since 2010. On August 1, 2010, the national average price was $2.74. Since that time, average prices on August 1 ranged from $3.52 in 2012, to $3.71 in 2011. The current average of $3.50 is 3 cents cheaper than last week and the discount at the pump should continue in the near future.
“Typically gasoline prices fluctuate in July and August, but for the most part, prices have steadily declined,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil prices decreased dramatically last week, so there’s no reason gas prices should go up any time soon.
Oil prices plummeted last week. The price for a barrel settled at 97.88 on the NYMEX Friday – $4.21 less, compared to a week ago. That was the biggest weekly decline in seven months, and the lowest settlement since February. Refineries are running at record levels and there is more than enough gasoline in the market, which has helped bring down prices despite multiple overseas conflicts.
The current average price for a gallon of regular unleaded in Tennessee is $3.27. The low price in Manchester is $3.17 per gallon and in Tullahoma the low price stands at $3.18.