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Nashville, TN – The Tennessee gas price average continues to decrease amid growing concerns about coronavirus (COVID-19) and has dropped 14 cents since this time last week.
The Tennessee Gas Price average is now $1.89 which is nearly 34 cents less than one month ago and 54 cents less than one year ago.
“Typically gas prices start to trend more expensive at the beginning of spring, especially as motorists get out to enjoy the warmer weather and travel for spring break. That is not the case this year,” said Megan Cooper, spokesperson, AAA – The Auto Club Group.
“With Americans urged to stay at home and practice social distancing to slow the spread of coronavirus, we are seeing less traffic on the roadways which will ultimately drive down demand, increase gasoline supply and push pump prices less expensive for the foreseeable future,” stated Cooper.
National Gas Prices
With the national average at $2.12, pump prices are, on average, 50-cents less than this time last year. Crude oil is the biggest driver of the less expensive gas prices. In the last week, crude oil prices dropped to $22.00/bbl – a low not seen since 2002. Crude oil accounts for nearly 60% of the retail pump price. When crude is cheap, gas prices follow suit.
Motorists do not need to rush to the pumps to fill-up. Currently, there is ample U.S. gasoline supply and no disruption to distribution at gas stations.
Today’s national average ($2.12) is cheaper on the week (-13 cents), month (-35 cents) and year (-50 cents).
National Oil Market Dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $2.79 to settle at $22.43. Coronavirus (COVID-19) and the crude price war between Russia and Saudi Arabia continue to push crude prices down.
Moving into this week, crude prices will continue decreasing as the world grapples with how to contain the ongoing global public health crisis and associated economic challenges that could lead to a global recession. Until Saudi Arabia and Russia end their price standoff and the spread of coronavirus (COVID-19) ceases, domestic crude prices are likely to remain low.
Tennessee Regional Prices
Tennessee Gas Price Averages
(Price per gallon of 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 AAA – 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, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina 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 60 million members in the United States and Canada 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.
TopicsAAA, Chattanooga TN, Cleveland TN, Coronavirus, COVID-19, Crude Oil, Gas Prices, Johnson City TN, Megan Cooper, memphis tn, Morristown TN, Nashville, Nashville TN, NYMEX, Oil Price Information Service, Oil Prices, OPIS, Russia, Saudi Arabia, Tennessee, Tennessee Gas Prices, The Auto Club Group, Wright Express, WTI
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