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AAA reports Tennessee Gas Prices starting to Slip

 

Clarksville-Montgomery County continues to have the Lowest Priced Gas in Tennessee

AAAKnoxville, TN Prices at the pump are holding steady, declining only fractions of a penny over the weekend. Tennessee gas prices averaged $2.15 on Sunday. The state average is 1-cent more than last week, and 24 cents more than last year.

“Pump prices are moving slightly lower as refineries keep the market well supplied with gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

Tennessee Gas Prices are falling

Tennessee Gas Prices are falling

Highest and Lowest Gas Prices in Tennessee

  • The most expensive gas price averages in Tennessee are in Memphis ($2.21), Nashville ($2.16), and Johnson City-Kingsport-Bristol ($2.14)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.08), Clarksville-Hopkinsville ($2.08), and Knoxville ($2.13)

“Gasoline supplies are outpacing demand as we enter the final weeks of the summer travel season. This should prevent any major gains in gas prices, unless oil prices rise in response to unexpected disruptions in supply due to international conflict, refinery issues, or a hurricane,” stated Jenkins.

Gasoline demand is on par with this time last year, yet gasoline supply levels are 2 percent stronger. Refiners are running at record highs thanks to favorable profit margins. As a result, gasoline inventories swelled and crude stocks dropped, according to the most recent supply report from the EIA for the week of August 4. Commercial crude oil supplies slipped for the 5th consecutive week, hitting the lowest level since October.

The price for a barrel of WTI crude oil averaged $49.11 last week; 40 cents less than the week before. Meanwhile, the price for gasoline on the NYMEX finished the week 10 cents less than the 4-month high reached two weeks ago. 

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.

Highs and Lows of 2017*

  • The highest national average price for gasoline, so far this year was $2.42 on April 21; the lowest was $2.23 on July 5.
  • The highest average price in Tennessee, so far this year, was $2.18 on April 20; the lowest was $1.99 on July 5.

Summer Gas Prices Averaging Higher than 2016

  • The national average for gasoline was $2.23/g from June 1 – August 31, 2016. The national average fell from $2.38 in June, to as low as $2.12 in August. So far this summer, gas prices averaged $2.30/g since June 1, 2017. 
  • The Tennessee average for gasoline was $2.03/g from June 1 – August 31, 2016. The state average fell from $2.20 in June, to as low as $1.88 in early August. So far this summer, gas prices averaged $2.06/g since June 1, 2017. 
  • Gasoline prices declined in line with the falling price of crude. Daily WTI settlements dropped from $51.23 in June, to as low as $39.51 in early August. This summer, oil prices have averaged $46.45 per barrel, after ranging from $42.53 – $50.17. 

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.354 $2.356 $2.346 $2.256 $2.127 $4.114 (7/17/2008)
Florida $2.269 $2.272 $2.286 $2.137 $2.084 $4.079 (7/17/2008)
Georgia $2.231 $2.233 $2.233 $2.128 $2.023 $4.164 (9/15/2008)
Tennessee $2.151 $2.152 $2.142 $2.021 $1.908 $4.118 (9/15/2008)
Click here to view current gasoline price averages

 

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.

Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.

 


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