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AAA reports Tennessee Gas Prices Decline 1.5 Cents

 

AAANashville, TN Motorists visiting the gas pump today will find prices that are cheaper than a week ago. Tennessee gas prices declined 1.5 cents last week. The state average of $2.31 is 8 cents less than a month ago, but 26 cents more than this time last year.

“Gasoline should slide a few cents more this week, based on last week’s decline in wholesale prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.  “Pump prices are sliding right now because crude and gasoline output have remained strong. However, gas prices are still forecast to rise 20 cents in the coming months, as demand climbs and refineries switch to summer blend gasoline.”

Gas Prices Are Lower Than A Week Ago. (AAA)

Gas Prices Are Lower Than A Week Ago. (AAA)

Tennessee’s Most and Least Expensive Gas Prices

  • The most expensive gas price averages in Tennessee are in Jackson ($2.35), Nashville ($2.34), and Memphis ($2.32)
  • The least expensive gas price averages in Tennessee are in Cleveland ($2.22), Chattanooga ($2.24), and Knoxville ($2.28)
Average Gas Price in March
  2014 2015 2016 2017 2018
National $3.51 $2.43 $1.93 $2.30 $2.53
Florida $3.53 $2.46 $1.96 $2.29 $2.53
Georgia $3.35 $2.26 $1.87 $2.18 $2.42
Tennessee $3.26 $2.18 $1.75 $2.05 $2.32

 

  • Despite the recent decline, gasoline has averaged the highest price for the month of March in four years
  • On average, motorists are paying $3.00 more for a full tank compared to this time last year
  • Crude oil is $14.00 per barrel more than last year; preventing a plunge at the pump

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.92 to settle at $62.04. After EIA’s weekly report noted that crude oil inventories increased by 2.4 million bbl last week, WTI prices took a hit. However, they began to rise again after a report by Goldman Sachs stated that global demand for crude is likely to grow by 1.85 million b/d this year.

In addition, crude storage levels are more than 100 million bbl lower than they were last year, demonstrating that growth in global crude demand may be helping to lower levels amid restricted output due to OPEC’s production agreement. U.S. crude production continues to boom and be a closely watched figure, hitting another record at 10.37 million b/d last week. Market observers are likely to continue watching this number to see if it begins to outpace domestic and global crude oil demand.

  • Crude oil prices closed at $62.04 per barrel – an increase of 79 cents from the week before
  • Gasoline futures finished the week down 3 cents from Monday’s closing price
  • Wholesale gasoline prices declined 2 cents last week

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 2018

  • National: the highest average price for gasoline was $2.67 on February 6th; the lowest was $2.49 on January 3rd.
  • Florida: the highest average price in was $2.68 on February 8th; the lowest was $2.44 on January 2nd.
  • Georgia: the highest average price was $2.49 on January 31st; the lowest was $2.35 on January 2nd.
  • Tennessee: the highest average price was $2.41 on February 7th; the lowest was $2.26 on January 1st.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.527 $2.531 $2.532 $2.583 $2.298 $4.11  (7/17/2008)
Florida $2.499 $2.506 $2.540 $2.650 $2.279 $4.08  (7/17/2008)
Georgia $2.398 $2.402 $2.427 $2.461 $2.189 $4.16  (9/15/2008)
Tennessee $2.305 $2.309 $2.322 $2.392 $2.054 $4.12  (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 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.

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

 


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