Gas prices hit 4-year low

-A A +A

TENNESSEE—Motorists heading to the gas pumps are finding the cheapest August gas prices since 2010. On Aug. 1, 2010, the national average price was $2.74. Since that time, average prices on Aug. 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 this week, so there’s no reason gas prices should go up any time soon. In fact, if these conditions continue, prices could eventually slip below $3 a gallon by the end of the year. However, unexpected refinery outages, a spike in oil prices or the mere threat of a hurricane in the Gulf of Mexico could cause gas prices to rise.”

The current average price for a gallon of regular unleaded in Tennessee is $3.27 — the cheapest price since March and 4 cents less than last week.