GasBuddy report shares state gas prices fall more than 12 cents over last week

Tennessee gas prices have fallen slightly more than 12 cents per gallon in the last week. A recent report from GasBuddy states after surveying 3,821 gas stations in Tennessee, the price drop makes gasoline in the state average $3.52 per gallon as of Monday. However, the report also states prices in Tennessee are still 2.7 cents per gallon higher than a month ago and stand 77 cents per gallon higher than a year ago. The national average of diesel has also decreased just over 5 cents compared to a week ago and stands at around $5.28 per gallon. "Average gasoline prices declined in 47 states over the last week while diesel fell in 39, with the national average price of gasoline posting a double-digit drop per gallon," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Diesel's decline was roughly half that of gasoline in, in part due to continued pressure on refined product markets from ongoing Ukrainian attacks on Russian oil refineries." The report also states the cheapest station in Tennessee was priced on Sunday at $3.02 per gallon, while the most expensive was $5.60 per gallon. The national average price of gasoline has also fallen almost 11 cents per gallon in the last week, averaging $3.94 per gallon as of Monday. Additionally, the national average price of gasoline is reportedly up 9.5 cents per gallon from a month ago and stands 85.6 cents per gallon higher than a year ago. "Iran is pushing back against a reopening of the Strait of Hormuz, and oil prices edged modestly higher in Sunday night trading, signaling that the recent relief may not last," De Haan said. "With the Strait remaining closed, upward pressure on fuel prices could return quickly, and if things don't go well, the national average could climb to its highest level ever recorded this late in the calendar year. For now, enjoy the dip, but keep a close eye on how the Strait situation develops in the days ahead."