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AAA says Tennessee Gas Prices climb Seven Cents

 

Clarksville has the Third Cheapest Gas Prices in Tennessee

AAANashville, TN – Tennessee motorists paid an average of $1.69 this Memorial Day – a nearly 82 cent discount over last year’s holiday. 

Today’s Tennessee Gas Price average is now $1.70 which is 14 cents more than one month ago and nearly 83 cents less than one year ago. 

79% of Tennessee gas stations have prices below $1.75. (AAA)

79% of Tennessee gas stations have prices below $1.75. (AAA)

“Tennesseans have seen significantly cheaper-than-normal gas prices the past two months. However, those low prices – as well as crude oil prices – have been pushing more expensive” said Megan Cooper, spokesperson, AAA – The Auto Club Group.

“While motorists will see pump prices continue to increase, AAA does not expect the summer average to be as expensive as last year’s season,” Cooper stated.

Quick Facts

  • 79% of Tennessee gas stations have prices below $1.75
  • The lowest 10% of pump prices are $1.53 for regular unleaded
  • The highest 10% of pump prices are $2.00 for regular unleaded
  • Two metro areas saw a double digit increase at the pump over the last week: Memphis (11 cents) and Knoxville (11 cents)

National Gas Prices

After dropping to a low of $1.76 in April, the national gas price average is pennies away from hitting the $2.00/gallon mark. Today’s average is $1.96, which is eight cents higher than a week ago, 19 cents more than last month, but still a significant 87 cents cheaper than the end of May 2019. 

The more expensive pump prices can be attributed to fluctuations in crude and demand. In the past week, crude oil hit its highest price point – nearly $34.00 per barrel – since the Administration declared the COVID-19 Coronavirus outbreak a national emergency and many states started implementing stay-at-home restrictions.

While demand has been increasing since the end of April, it is down 28% compared to the first three weeks of May last year.

One factor that could cause a sudden spike in gas prices is the Atlantic hurricane season, which is June 1st through November 30th. The National Oceanic and Atmospheric Administration predicts the 2020 season will be above-normal, potentially resulting in 13-19 named storms. An average Atlantic hurricane season typically produces 12 named storms, including 3 major hurricanes. 

 


National Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by 67 cents to settle at $33.25 per barrel. Although tension between Hong Kong and China lowered prices on Friday, crude prices generally increased last week amid growing market optimism that domestic crude demand continues to rebound as more states ease stay-at-home restrictions and demand for gasoline has grown.

For this week, crude prices may continue to rise if the market believes that the 9.7 million b/d production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and other major crude exporters, including Russia, is helping to rebalance the global oil market as demand remains low due to COVID-19 Coronavirus. 

Tennessee Regional Prices

  • Most expensive metro markets –  Nashville ($1.77), Jackson ($1.72), Morristown ($1.69)
  • Least expensive metro markets – Cleveland ($1.64), Kingsport ($1.64), Clarksville ($1.65)

 

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$1.703

$1.699

$1.633

$1.562

$2.529

Chattanooga

$1.680

$1.672

$1.615

$1.510

$2.406

Knoxville

$1.671

$1.673

$1.565

$1.550

$2.478

Memphis

$1.685

$1.675

$1.575

$1.442

$2.554

Nashville

$1.768

$1.770

$1.745

$1.725

$2.601

Click here to view current gasoline price averages

 


About AAA – The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety.

For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.


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