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Clarksville-Montgomery County continues to have Second Lowest Gas Prices in Tennessee
Tampa, FL – Gas prices increased across most of the country during the past week, yet states in the southeastern U.S. still have some of the cheapest prices in the nation.
Tennessee gas prices increased 6 cents during the past week. The state average of $2.34 is 10 cents more than a month ago, and 20 cents more than this time last year.
Highest and Lowest Gas Prices in Tennessee
“Gas prices have yet to travel south for the winter, thanks in large part to a strong oil market,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The rising price of oil has increased the cost of producing gasoline.”
Oil Prices Reach New Heights
The price of crude reached new multi-year highs last week. Factors like lower levels of both domestic production and supply, cold weather in North America, unrest in Iran, and strong economic growth helped spur the increase.
WTI closed at $64.30 per barrel on Friday – the highest daily settlement since December 2014. This is the fourth consecutive week of gains, amounting to a total increase of $7.00 since mid-December 2017.
The Energy Information Administration reported last week that domestic crude oil production dropped by 290,000 b/d. The decline is the largest U.S. production drop since the highly active hurricane season ended in mid-October last year.
Moreover, crude inventories around the country dropped by 4.9 million barrels. The decline has given some market observers encouragement that oil prices will continue to climb as production slows and global supplies tighten.
Futures spot prices are above $63.00/b through July 2018. Although that does not guarantee crude prices will be remain at that level through the next seven months, this outlook could inspire explosive growth in the U.S. shale industry, which could push crude prices lower as a result of the increased global supply. In what could be a sign that this process has begun, U.S. energy companies added 10 oil rigs this week, the biggest increase since June, bringing the total rig count to 752, the most since September.
EIA’s Energy Price Outlook
Gas Price Tools for Reporters/Consumers
Highs and Lows of 2017*
Current and Past Price Averages
Regular Unleaded Gasoline
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 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.
TopicsAAA, Bristol TN, Chattanooga TN, Clarksville TN, Cleveland TN, Crude Oil, Energy Information Administration, Florida, Gas Prices, Georgia, Hopkinsville KY, Iran, Jackson TN, Johnson City TN, Kingsport TN, Mark Jenkins, Montgomery County, Oil Price Information Service, Oil Prices, OPIS, Tampa FL, Tennessee, Tennessee Gas Prices, The Auto Club Group, Wright Express, WTI
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