Tennessee Gas Prices Averaged $2.03 in July
Nashville, TN – Gas prices are mostly climbing around the country. After rising 6 cents in the past week, Tennessee gas prices averaged $2.14 on Sunday.
Last month, Tennessee gas prices averaged $2.03 per gallon; 4 cents more than the average in July 2016. Nationwide, gas prices averaged $2.27 – 6 cents more than July 2016.
Highest and Lowest Gas Prices in Tennessee
- The most expensive gas price averages in Tennessee are in Memphis ($2.19), Nashville ($2.15), and Knoxville ($2.14)
- The least expensive gas price averages in Tennessee are in Clarksville-Hopkinsville ($2.06), Chattanooga ($2.07), and Johnson City-Kingsport-Bristol ($2.08)
“Motorists are now finding gas prices that are about 25 cents more expensive than this time last year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Although gasoline demand is keeping pace with last year’s levels, oil prices are making the biggest difference in prices at the pump. Steady declines in crude supplies have pushed oil prices about $10 per barrel higher than last year, making it more expensive to produce gasoline.”
Last week’s EIA report showed record-high gasoline demand. In addition, crude supplies declined for the fifth consecutive week. The five-week trend is giving greater confidence to investors. However, their excitement is tempered as total crude storage 70 million barrels above the 5-year average. This, combined with continuously high domestic crude oil output, it is still clear that the glut of crude will not disappear easily. Because of this, oil and gasoline prices are still forecast to retreat after the summer driving season draws to a close.
Crude oil prices surpassed $50.00 per barrel last week for the first time since May 24th. During that time, gas prices were at about the same level as they are now. Although pump prices could see additional upward movement in the coming weeks, any significant gains would not come without further growth in oil prices, a hurricane in the Gulf of Mexico or some sort of interruption in fuel supply.
Gas Price Tools for Reporters/Consumers
- GasPrices.AAA.com – Daily national, state, and metro gas price averages.
- AAA Mobile app – Free app that shows current prices at a gas station near you.
(Based on weekly data provided by the EIA)
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Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 120,000 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 The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.4 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.
ACG belongs to the national AAA federation with more than 57.7 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android.