KNOXVILLE (WATE) – Gas prices are down to a level not seen in years, and that’s putting more money in East Tennesseans’ pockets.
According to AAA, the current national average is $2.04. It was $3.27 a year ago. Knoxville’s average is under two dollars $1.94 a gallon. A year ago it was $3.07. That’s $1.13 you’re saving per gallon each time you fill up.
A few weeks ago, a sign advertising gas for $1.92 in Knoxville would have attracted a swarm of bargain-hungry driver. Today, it’s not an unusual sight, but still big savings.
“It’s really helping me out not to have to break my bank with gas prices,” said Laura Hegler.
President Obama said Wednesday night in his State of the Union address that the typical family this year should save $750 at the pump. That’s about $60 a month.
An ABC News fact check of the speech found that claim to be mostly true.
AAA says locally, the savings is much higher right now, about $90 a month when you compare today’s rate to last year’s peak price.
“What are you spending the extra money on? Just food and just fun. We had a better than normal Christmas just because of that,” said Mike Massaglia.
Some people are buying more with the extra money each month while others are saving it or using it to get out of debt.
Though AAA points out gas prices usually rise in March or April every year, they say no one really knows how long we’ll go with prices this low.