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Nashville, TN – Tennessee Gas prices are holding steady right now, but face upward pressure, due to recent strength in the oil market and rising wholesale gasoline prices. The average price for gasoline in Tennessee is $2.01 per gallon, but should rise another 3-5 cents this week.
Tennessee motorists are paying 1-cent more than a week ago. However, the average price is still 7 cents less than last month, and 35 cents less than this time last year. Despite the anticipated uptick, the state average remains 72 cents per gallon less than last year’s high, and 68 cents per gallon less than what Tennessee motorists paid in October.
Click here to view AAA’s state and metro gas price averages
“Rising gas prices are not uncommon during the month of January,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Last January, pump prices jumped 10-20 cents in various markets. The reason was the same then as it is now – rising oil prices.
“Oil has climbed $8.00 so far this year, largely due to reduced OPEC output and renewed optimism for a US-China trade deal. If oil prices make additional gains this week, motorists could see another round of rising prices at the pump. Regardless of the upswing, AAA still expects gas prices overall to average less than last year, with the national average peaking at around $2.75 by Memorial Day,” Jenkins stated.
Refinery Maintenance Season
Additional increases are likely, in the coming weeks, as refiners enter maintenance season and prepare to switch to a more expensive-to-produce summer-blend gasoline. According to OPIS, two large turnarounds have commenced:
OPIS reports that Gulf Coast turnaround activity is expected to peak in March with about 1 million b/d of equipment scheduled to be sidelined. While the maintenance should cut demand for U.S. crude, stronger product prices could drag crude higher. Gasoline is a perceived beneficiary of the refining downtime.
In the latest short-term energy outlook, EIA expects U.S. regular retail gasoline prices to follow changes to the cost of crude oil, dipping from an average of $2.73/gal in 2018 to $2.47/gal in 2019, before rising to $2.62/gal in 2020.
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Current and Past Price Averages
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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, China, Crude Oil, EIA, Gas Prices, Mark Jenkins, Nashville TN, Oil Price Information Service, Oil Prices, OPEC, OPIS, Tennessee, Tennessee Gas Prices, The Auto Club Group, United States
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