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Nashville, TN – Prices at the pump are off to their lowest start to the month of January since 2016. Tennessee Gas prices dropped another 3.5 cents last week. The state average has now declined a total of 71 cents since October.
Tennessee motorists are now paying an average price of $1.98 per gallon – the lowest daily average since December 2016. Compared to last Memorial Day, when the state average peaked at around $2.73 per gallon, Tennessee motorists are now saving more than $11.00 on a full 15-gallon tank of gasoline.
In 2018, Tennessee gas prices averaged $2.49 per gallon, for regular unleaded. That was 31 cents more than the year before, and the highest annual average price since 2014.
If a Tennessee driver bought a 15-gallon tank of gas – every week in 2018 – they would’ve spent an average total of $1,942 on gas. That would’ve been $242.00 more than what they would’ve spent the year before.
Click here to view AAA’s state and metro gas price averages
The national average price for gasoline is $2.24 per gallon, which is the lowest daily average since July 2017. On average, Americans are paying 67 cents per gallon less than they did three months ago, amounting to a savings of $10.00 for a full 15-gallon tank of gasoline.
2019 Fuel Outlook
Overall, AAA expects the national average to stay below last year’s high of $2.97, set just before Memorial Day. Government data suggests that fuel prices in 2019 will be lower than last year.
The latest Short Term Energy Outlook from the U.S. Energy Information Administration has WTI crude averaging $54.00 per barrel in 2019. That’s $11.00 per barrel less than last year’s average for WTI ($65.23/b). An $11.00 difference in oil prices suggests a 27.5 cent discount at the pump.
In 2018, U.S. gas prices averaged $2.72 per gallon. AAA expects that average to land somewhere in the $2.50s this year.
Putting global supply and demand fluctuations aside, gas prices often rise 30-70 cents in the spring, as gasoline demand increases, refiners conduct seasonal maintenance, and begin to switch to a more expensive-to-produce summer blend gasoline.
AAA expects pump prices to peak around $2.75 this year, but there is higher potential if a hurricane threatens gulf coast refineries, or there are sizable swings in fuel supplies or the economy.”
Gas Price Tools
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 9.6 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.
TopicsAAA, Chattanooga TN, Cleveland TN, Crude Oil, Gas Prices, Jackson TN, Johnson City TN, Knoxville TN, Mark Jenkins, Memoral Day, Nashville TN, Oil Price Information Service, Oil Prices, OPIS, Tennessee, Tennessee Gas Prices, The Auto Club Group, Wright Express, WTI
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