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AAA reports Tennessee Gas Prices go up Two Cents

 

Clarksville-Montgomery County has the Third Most Expensive Gas Prices in Tennessee

AAANashville, TN – Tennessee gas prices saw upward momentum at the pump over last week, mainly due to rising crude oil prices. On average, pump prices across the state rose by two cents over last week. 

The Tennessee Gas Price average is now $2.70 which is the same price as one month ago and $1.10 more than one year ago. 

Upward pressure on crude oil prices could mean small increases at the pump. (AAA)

Upward pressure on crude oil prices could mean small increases at the pump. (AAA)

“Refinery utilization is nearly back to pre-pandemic levels, and with gasoline stocks seeing builds in the last month amid lower crude oil prices, motorists have benefited from mostly flat gas prices,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group.

“However, crude started to see some upward movement this week, which could translate to small increases at the pump by the end of April,” Cooper stated.

Quick Facts

  • 75% of Tennessee gas stations have prices below $2.75
  • The lowest 10% of pump prices are $2.53 for regular unleaded
  • The highest 10% of pump prices are $2.97 for regular unleaded

National Gas Prices

Despite gasoline demand mostly increasing this month, the national gas price average has seen little movement, fluctuating up or down by only a penny to $2.86 or $2.87. In fact, 10 of the past 12 days saw a steady hold at $2.86 despite demand reaching its highest measurement—8.9 million b/d for the week ending April 9—in more than a year.

At 85%, refinery operations are at their fullest capacity since the week of March 23rd, 2020, according to Energy Information Administration (EIA) data. Should this positive utilization trend continue, it could help to offset increases in demand and help the national average stay under $3.00/gallon.

On the week, the majority of states saw little fluctuation at the pump: 27 state averages held steady while another 16 saw pump prices increase or decrease by only one or two cents.

Today’s national average is $2.87. Compared to a year ago, gas prices are very expensive as mid-April 2020 was prime quarantine time across the country. While the national gas price average is $1.05 more than last year at this time, it is on par with averages from April 2019.

 


National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by 30 cents to settle at $63.13. Although prices ended the day down, due to the market consolidating pricing contracts, the price of crude gained over $3.80 per barrel last week.

Continuing market optimism that crude demand may increase more than expected due to increasing vaccine rollouts helped to lift prices. Additionally, EIA’s weekly report revealed that total domestic crude inventory decreased by 5.9 million bbl to 492.4 million bbl, contributing to price increases. If crude prices continue to rise and remain high, pump prices will likely follow suit.

Tennessee Regional Prices

  • Most expensive metro markets –  Memphis ($2.74), Nashville ($2.74), Clarksville ($2.73)
  • Least expensive metro markets – Knoxville ($2.66), Kingsport ($2.66), Morristown ($2.67)

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

$2.703

$2.704

$2.682

$2.696

$1.599

Chattanooga

$2.683

$2.685

$2.619

$2.644

$1.538

Knoxville

$2.659

$2.661

$2.656

$2.713

$1.595

Memphis

$2.743

$2.746

$2.737

$2.744

$1.474

Nashville

$2.740

$2.740

$2.698

$2.693

$1.770

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 62 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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