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AAA says Gas Prices Rise 4 Cents as Supplies Dip

 

Clarksville-Montgomery County has the third cheapest Gas Prices in Tennessee

AAANashville, TN – Gas prices are on the rise once again, after declining for nearly two weeks. Tennessee gas prices declined early last week, then rose a total of 4 cents. Sunday’s state average of $2.34 is the same as a month ago, yet remains 30 cents more than this time last year.

“There are a few of factors that gave gas prices a boost, but this time it wasn’t crude oil,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

The average price at the pump went up 4 cents last week.

The average price at the pump went up 4 cents last week.

“Gasoline supplies took a sharp dip last week, as exports rose and refineries began to switch from summer to winter blend gasoline. In addition, demand in the southeast – especially in Florida – is strong, as Americans hit the road for spring break,” Jenkins stated.

“We also noticed strong gains in wholesale gasoline prices last week, which should signal additional increases at the pump this week,” Jenkins continued. 

Tennessee’s Most and Least Expensive Gas Prices

  • The most expensive gas price averages in Tennessee are in Nashville ($2.39), Jackson ($2.37), and Knoxville ($2.34)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.26), Cleveland ($2.30), and Clarksville-Hopkinsville ($2.30) 

Wholesale Gasoline Rises While Oil Holds Relatively Steady

Wholesale gasoline prices climbed 10-15 cents Wednesday-Friday. Based on current wholesale levels, prices at the pump could climb another nickel. 

Meanwhile, crude oil prices hovered around the $60-$62 per barrel range, where they have remained for the past two weeks. Gasoline futures rose 5 cents last week. 

Average Gas Prices 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 $2.52
Georgia $3.35 $2.26 $1.87 $2.18 $2.41
Tennessee $3.26 $2.18 $1.75 $2.05 $2.32

 

  • Crude oil inventories strengthened by 1.2 percent, yet remains 18 percent below year-ago levels
  • Oil production held relatively steady at nearly 10.4 million barrels per day, yet remains 12.4 percent above year-ago levels
  • Gasoline demand, as measured by the EIA, climbed by 4 percent week-over-week, and is 4 percent higher than this time last year. 
  • Gasoline production rose by nearly 4 percent week-over-week, and is 8 percent higher than this time last year. 
  • Gasoline inventories (supplies) dipped by nearly 3 percent compared to the week before, and about even with this time last year. 

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 $2.542 $2.536 $2.527 $2.533 $2.293 $4.114 (7/17/2008)
Florida $2.531 $2.532 $2.499 $2.571 $2.265 $4.079 (7/17/2008)
Georgia $2.444 $2.435 $2.398 $2.407 $2.170 $4.164 (9/15/2008)
Tennessee $2.342 $2.339 $2.305 $2.342 $2.042 $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 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 9.5 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 58 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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