Gas Prices Plunge Pushes 50-Day Streak reports AAA

October 30, 2017 |

Clarksville-Montgomery County has Third Highest Gas Prices in Tennessee

Nashville, TN – The steady stream of declining gas prices continued last week.  However, the rate at which prices are declining is beginning to slow, and pump prices should soon level out. 

Tennessee gas prices declined for the 49th consecutive day on Sunday, for a total discount of 34 cents. The state average only declined 2 cents last week. That is a stark contrast to previous weeks, where the total decline was 7-10 cents.

Gas Prices have fallen 34 cents in the last 49 days.

Highest and Lowest Gas Prices in Tennessee

• The most expensive gas price averages in Tennessee are in Nashville ($2.34), Memphis ($2.27), and Clarksville-Hopkinsville ($2.24)
• The least expensive gas price averages in Tennessee are in Chattanooga ($2.13), Knoxville ($2.18), and Johnson City-Kingsport-Bristol ($2.21)

“The steak of falling prices should come to an end this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil and wholesale gasoline prices made solid gains last week, after the EIA’s supply report showed high U.S. crude and gasoline exports, and an increase in gasoline demand. Fortunately, U.S. crude production levels appear to be stabilizing after Hurricane Nate caused a reduction, and refinery capacity is now back to pre-Hurricane Harvey levels.

“Continued growth in oil inventories will keep a ceiling on oil prices, and prevent gasoline prices from making strong gains. While there could be some volatility, gas prices should follow a mostly downward trend through the rest of the year. However, the discount at the pump is not currently forecast to be much lower than present levels.”

Fuel Fundamentals

• WTI crude oil rose $2.00 last week, settling at $53.90 per barrel on Friday
• The futures price of gasoline rose 9 cents on the NYMEX last week, reaching a closing price of $1.77 on Friday
• Wholesale gasoline prices rose 6 cents last week in some markets
• Gasoline demand grew by nearly 2%, according to the latest supply/demand report from the EIA
• Total U.S. crude inventories rose by 900,000 barrels
• Refinery inputs rose by 609,000 barrels per day
• Utilization capacity of refineries in the Gulf Coast exceeded 90% for the first time since Hurricane Harvey made landfall in the U.S.

Highs and Lows of 2017*

• National: the highest average price for gasoline was $2.67 on September 8th. The lowest was $2.23 on July 5th.
• Tennessee: the highest average price was $2.60 on September 10th. The lowest was $1.99 on July 5th.

Current and Past Price Averages

Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.466	$2.467	$2.457	$2.568	$2.216	$4.114 (7/17/2008)
Florida	$2.399	$2.401	$2.424	$2.637	$2.234	$4.079 (7/17/2008)
Georgia	$2.359	$2.362	$2.395	$2.638	$2.175	$4.164 (9/15/2008)
Tennessee	$2.252	$2.252	$2.274	$2.480	$2.046	$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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