How Far Will Gas Prices Fall? Down Again This Week

gas pump2Motorists saw prices continue to plunge at the pump last week. The national average price for gasoline fell for the 42nd consecutive day Sunday. Meanwhile, the streak of declines is 39 days in Tennessee.
“Cheap gas prices couldn’t come at a better time as millions of Americans make travel plans for the holiday season,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Prices are the lowest in four years, which should influence more people to take a trip, drive farther, or drive instead of fly.”
The average price is below $3 a gallon in 26 states including Florida, Georgia and Tennessee. South Carolina has the cheapest average price in the country at $2.68. Tennessee has the 2nd cheapest average at $2.69.
The U.S. shale boom continues to have a major impact on the market. Domestic oil production is the highest on record, which dates back to 1983. West Texas Intermediate oil, the U.S benchmark, fell below $79 for the first time since June 2012. The price for a barrel settled at $78.65 on Friday, a $1.89 decline from last week.
The low price for a gallon of regular unleaded gasoline is $2.59 in Manchester and Tullahoma.