Gas prices across the state fell a penny, on average, over last week. The Tennessee Gas Price average is now $2.77 which is the same as one month ago and a penny more than one year ago.
“Gas prices held steady over last week, which is good news for drivers,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Barring any major changes in the market, Tennesseans will likely reap the benefits of lower crude oil prices and weakening gasoline demand again this week. Tennessee’s state gas price average has remained the fifth least expensive in the country for the last two weeks.”
National Gas Prices
Pacific Northwest drivers, who already pay some of the highest gas prices in the country, saw their state averages surge this past week. A pipeline outage caused a spike in fuel prices in Oregon and Washington. Up until last week, Washington was the state with the most expensive gas for several days, surpassing California which is bracing for hikes of its own. Refinery maintenance this fall is expected to lead to decreased production and higher gas prices in the Golden State. Meanwhile, the national average for a gallon of regular went up a penny since last week to $3.18. Even though West Coast drivers are feeling pain at the pump, prices remain relatively low in the Plains and the South.
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.50 million b/d last week to 8.81 million. Total domestic gasoline supply decreased from 220 million barrels to 217.6 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 47 cents to settle at $64.05 a barrel. The EIA reports crude oil inventories decreased by 9.3 million barrels from the previous week. At 415.4 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($2.82), Jackson ($2.81), Memphis ($2.80)
- Least expensive metro markets – Chattanooga ($2.68), Clarksville ($2.69), Morristown ($2.72)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
|
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
|
Tennessee |
$2.777 |
$2.782 |
$2.781 |
$2.774 |
$2.767 |
|
Chattanooga |
$2.680 |
$2.691 |
$2.711 |
$2.731 |
$2.720 |
|
Knoxville |
$2.790 |
$2.795 |
$2.783 |
$2.712 |
$2.779 |
|
Memphis |
$2.801 |
$2.799 |
$2.815 |
$2.791 |
$2.794 |
|
Nashville |
$2.829 |
$2.831 |
$2.822 |
$2.845 |
$2.797 |
|
Click here to view current gasoline price averages |
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Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 65 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on social media.
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