The law of supply and demand is being exemplified perfectly when it comes to gasoline prices.
Americans are working from home and have been told to limit social contact due to COVID-19 concerns – two factors which have reduced travel and gas demand.
As a result, gasoline prices have plummeted 49 cents in a month, according to AAA – The Auto Club Group. The average Tennessee gas price as of Monday was $1.69, a 49-cent drop in a month and an 83-cent drop in a year.
AAA spokesperson Megan Cooper says due to low demand, gas prices are not expected to increase in the near-term. She added gas prices have declined in Tennessee for 40 consecutive days.
In McMinnville, the price of gasoline was $1.39 per gallon at several gas stations Tuesday and in the $1.20 range at others.
If you need to add some gasoline to your tank, it’s crucial to remember proper hygiene when touching a community surface like a gas pump handle. The World Health Organizations says hands can pick up the virus by touching a surface, then transfer the virus to your body by touching your eyes, nose or mouth.
The Centers for Disease Control stresses the importance of hand washing for at least 20 seconds or wearing gloves or using a paper towel that is discarded afterwards when touching a surface like a public counter, shopping cart or gas pump.
As for gas prices, the Memphis region remains the cheapest for gasoline in Tennessee with an average price of $1.53 for one gallon of regular unleaded. That’s followed by Chattanooga at $1.61, Knoxville at $1.71 and Nashville at $1.85.
AAA says 63 percent of all Tennessee filling stations are selling gasoline for under $1.75 a gallon.
Monday’s national gas price average was $1.92.
The latest Energy Information Administration weekly report puts gasoline demand at nearly a 30-year low with analysts expecting it to push lower as Americans are urged to stay home at least until the beginning of May.