9:42am

Tue August 26, 2014
Business

Holiday Gasoline Prices Lowest in 4 Years

Credit fuelgaugereport.aaa.com

MURFREESBORO, Tenn. (WMOT)  --  Analysts with AAA say gas prices this holiday weekend will likely be the lowest Tennesseans have seen in 4 years.

AAA’s Mark Jenkins says the price for a gallon of unleaded fuel in Tennessee currently averages $3.21 a gallon. That’s 21 cents lower than Labor Day last year.

Some stations in the mid-state were selling a gallon of gas for $3.04 on Tuesday.

Jenkins says we have oil shale and the mew extraction method called fracking to thank for the lower prices.

“The shale boom has boosted oil production in the U.S. by about 64 percent just in the past five years. Right now the United States is the leading crude oil supplier in the world, so it’s no surprise that gas prices are falling because of gasoline supplies being so high.”

Jenkins says he won’t be at all surprised to see gas fall below $3 a gallon in the coming weeks.

AAA expects 34.7 million Americans to take to the highways over Labor Day weekend.