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HomeNewsAAA reports Tennessee Gas Price Average drops almost Two Cents

AAA reports Tennessee Gas Price Average drops almost Two Cents

Clarksville-Montgomery County has the Third Cheapest Gas Prices in Tennessee

AAANashville, TN – The Tennessee gas price average declined slightly over last week, falling nearly two cents, on average. The Tennessee Gas Price average is now $2.87 which is a penny less than one month ago and 97 cents more than one year ago. 

“Leading up to Labor Day, pump price fluctuations are likely to continue due to high crude oil prices,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “Traditionally, gas demand typically drops considerably at the end of the summer which brings much-needed relief at the pump to drivers in the fall and winter driving seasons.”

Tennessee remains the 9th least expensive market in the nation. (AAA)
Tennessee remains the 9th least expensive market in the nation. (AAA)

Quick Facts

  • 92% of Tennessee gas stations have prices below $3.00
  • The lowest 10% of pump prices are $2.66 for regular unleaded
  • The highest 10% of pump prices are $3.17 for regular unleaded
  • Tennessee remains the 9th least expensive market in the nation

National Gas Prices

New data from the Energy Information Administration (EIA) showed that gas demand and supply decreased. Moving from 9.78 million b/d to 9.43 million b/d last week, the latest demand measurement is 500,000 b/d lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts and concerns about transmission of COVID-19 Coronavirus grow as infection rates continue to increase.

Additionally, total domestic gas stocks declined by 1.3 million bbl to 227.5 million bbl.

Although the drop in demand has helped to minimize pump price increases and stabilize the national average, elevated crude prices continue to keep pump prices high as the end of summer draws near.

The national average has held steady at $3.18 for seven days after reaching its highest point so far this year. Today’s national average is a penny less than a week ago, two cents more than a month ago, and $1.01 more than a year ago. During the run-up to Labor Day weekend, pump prices will likely continue to fluctuate due to high crude prices.

However, gas demand typically drops considerably after the final holiday weekend of summer, bringing much-needed relief to American drivers when they fill up this fall.

 


National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by 65 cents to settle at $68.44. Crude prices have declined last week due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe.

Price decreases occurred despite EIA’s latest report showing that total domestic crude stocks decreased nominally to 438.8 million bbl. For this week, crude prices could decline further if market concerns persist over increasing COVID-19 Coronavirus infection rates.

Tennessee Regional Prices

  • Most expensive metro markets –  Memphis ($2.95), Jackson ($2.91), Nashville ($2.89)
  • Least expensive metro markets – Cleveland ($2.77), Chattanooga ($2.79), Clarksville ($2.84)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$2.875

$2.879

$2.890

$2.887

$1.905

Chattanooga

$2.787

$2.799

$2.820

$2.824

$1.870

Knoxville

$2.877

$2.877

$2.881

$2.883

$1.827

Memphis

$2.947

$2.945

$2.956

$2.937

$1.951

Nashville

$2.891

$2.894

$2.905

$2.891

$1.954

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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