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AAA reports Gas Prices Slip as Stock Market Struggles

 

Clarksville-Montgomery County has second lowest Gas Prices in Tennessee

AAATampa, FL Gas prices declined over the weekend and that trend should continue this week. 

Gas prices in Tennessee slipped 1-cent lower during the weekend. Due to a slight increase last week, the Tennessee state average of $2.68 per gallon is only a half cent less than a week ago. However, Tennessee motorists are still paying 9 cents per gallon more than last month and 36 cents more than this time last year. 

Click here to view AAA’s state and metro gas price averages

Rising Oil Prices means Higher Gas Prices at the Pumps. (AAA)

Rising Oil Prices means Higher Gas Prices at the Pumps. (AAA)

Tennessee’s Highest and Lowest Gas Prices

  • The most expensive gas price averages in Tennessee are in Nashville ($2.72), Jackson ($2.71), and Kingsport-Bristol ($2.69)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.61), Clarksville ($2.64), and Cleveland ($2.64) 

“Fuel prices plunged on the stock market last week, which should clear the way for a significant discount at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Motorists should see a 5-10 cent drop or more in the next 10 days. This is the type of downward movement we normally see at the pump during the fall. However, upward pressure could easily return later this month, as the market braces for U.S. sanctions against Iranian crude, and what that might mean for global supply and demand.” 

Fuel Picture

  • Last week on the stock market (NYMEX)
    • U.S. crude oil prices dropped $3.00 per barrel
    • U.S. gasoline prices declined 14 cents
  • Supply and Demand (Weekly Energy Information Administration Report)
    • U.S. Crude Oil
      • Production reached a new record high. At 11.2 million barrels per day, total crude output is nearly 18 percent higher than this time last year.
      • Supply levels increased for the third consecutive week – registering nearly 1.5 percent higher than the week before. Although U.S. oil stocks are higher than last month, they remain 11 percent below last year’s levels.
    • U.S. Motor Gasoline
      • Supplies rose by nearly a half percent, and are nearly 7 percent stronger than this time last year.
      • Production rates dipped by nearly 2.5 percent, yet remain on pace with this time last year.
      • Gasoline demand, according to EIA measurements, is 2.7 percent stronger than this time last year.

Gas Price Tools

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.896 $2.900 $2.914 $2.852 $2.477 $4.11   (7/17/2008)
Florida $2.800 $2.805 $2.819 $2.746 $2.477 $4.08   (7/17/2008)
Georgia $2.796 $2.801 $2.776 $2.726 $2.449 $4.16   (9/15/2008)
Tennessee $2.679 $2.684 $2.685 $2.588 $2.320 $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 9.6 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 59 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. Visit AAA on the Internet at AAA.com.

 


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