Gas prices have peaked early this year.
“It’s pretty awesome,” Chattanooga resident Walter Chapman said of the low prices. “If I had more time, I would definitely travel more. But I’m sure it helps out those that do want to. I’m loving it.”
The average gas price in Tennessee and across the nation is lower now than this time last year.
“Crude oil prices declined sharply over the last week, and the national average price of gasoline at the pump has continued a steady, monthlong decline,” Avery Ash, commentator for AAA’s Fuel Gauge, said in a prepared statement. “During this time, the national average price has declined for 21 consecutive days and 28 of the previous 31.”
According to CNNMoney, May is when gas prices usually peak. Oil refineries switch to a “summer blend” after Memorial Day.
Several years ago, Slate.com explained the “summer blend” switch. According to the article, federal and local mandates require a different summertime fuel mix designed to cut down on smog.
But the national average has been declining over the past month, according to CNNMoney.
In 2008, the record high price for gas of $4.114 didn't come until July 17.
Analysts told CNNMoney that supplies of crude oil and gasoline are at their highest since just before Saddam Hussein invaded Kuwait in the summer of 1990.
Technology has been to blame in recent years for driving the cost of oil up, but now it is driving costs down, CNNMoney reported.
Some speculate that the fact it’s an election year is the reason for lower prices, although presidents don’t really have much control over gas prices, according to Politico.com.
Gas prices are mainly affected by global supply and demand and fears tied to situations in the Middle East, Politico also reported.
Chapman said he finds the cheapest gas in Chattanooga on Wilcox Boulevard, and according to ChattanoogaGasPrices.com, he is correct.
Citco, located at 3440 Wilcox Blvd. and Tunnel Blvd., had a price of $3.36 a gallon Friday.
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