KNOXVILLE, Tenn. (WVLT) -- Drivers may notice some pretty significant changes the next time they go to the gas pump. AAA says there has been some recent panic selling in oil markets, thanks to Europe's ongoing financial crisis.

Demand for gas is also down six percent, while global supply is up. All those factors translate to lower prices at the pump.

In the last week the national average dropped more than 12 cents to $3.66 a gallon. In Knoxville it fell the same amount, dropping from $3.53 a gallon to $3.41. Maryville saw an even bigger change of 15 cents, from $3.52 to $3.37.

Don Lindsey with AAA says it's also not uncommon to see a drop this time of year. "Typically we see prices start to fall in October and particularly in November. Prices have fallen in Knoxville seven out of the last 12 years."

Lindsey says East Tennessee's gas prices tend to stay pretty well below the national average.