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Information Articles for the Paris TN and Henry County Tennessee area

AAA says Tennessee Gas Prices are on 13-Day Skid

June 12, 2017 | Email This Post Print This Post
 

Clarksville in Top Three for Most Expensive Gas in Tennessee

AAATampa, FL Tennessee gas prices are falling after oil prices suffered big losses during the week. The state average declined for the 13th consecutive day on Sunday, for a total discount of 3 cents since May 29th. 

The average price for a gallon of gasoline in Tennessee was $2.09 on Sunday, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. The state average is 2 cents less than a week ago and 10 cents less than this time last year. 

The National Average Drops Below Year-Ago Levels.

The National Average Drops Below Year-Ago Levels.

 

Most & Least Expensive Gas in Tennessee

  • The most expensive gas price averages in Tennessee are in Nashville ($2.13), Memphis ($2.10), and Clarksville-Hopkinsville ($2.08) 
  • The least expensive gas price averages in Tennessee are in Chattanooga ($1.99), Johnson City-Kingsport-Bristol ($2.05), and Knoxville ($2.08)

Falling Oil Prices Push Pump Prices Lower

“Unexpected growth in oil and gasoline supplies sent prices into a downward spiral,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil prices plunged to lows that should translate to a total discount of 5-10 cents at the pump, but motorists shouldn’t expect that discount to hit overnight. It usually takes a week or two before gas prices fully adjust to major shifts on the crude oil market.”

Last month, OPEC extended production cuts in hopes of balancing the oil market. Yet it appears the market glut is getting worse, according to the latest supply data from the government (EIA), thanks in large part to increased production in the United States.

Crude inventories unexpectedly rose for the first time in nine weeks, increasing 3.3 million barrels per day to a total of 513.2 million barrels. Meanwhile, gasoline stocks grew for the first time in five weeks, by nearly 3 million barrels. Both stock levels are well above last year’s levels.

All this growth, combined with weaker demand figures, pushed oil prices to their lowest point in five weeks. Thursday’s daily settlement of $45.64 was the lowest since May 4th, 2017. The weekly average of $46.56 was the lowest since November 2016. Oil prices have fallen $4.00 since Labor Day weekend.

*Highs and Lows of 2017*

  • The highest national average price for gasoline, so far this year, is $2.42 on April 21st; the lowest is $2.26 on February 9th.
  • The highest average price in Tennessee, so far this year, is $2.18 on April 20th; the lowest is $2.04 on March 27th.

*Fuel Price Flashback*

  • On June 12, 2014
    • The national average price for gasoline was $3.65. Motorists spent nearly $55.00 to fill an average 15-gallon tank of gas. 
    • The average price for gasoline in Tennessee was $3.42. Motorists spent more than $51.00 to fill an average 15-gallon tank of gas.

Summer Gas Prices will Rival Those from 2016

  • The national average for gasoline was $2.23/g from June 1st – August 31st, 2016.
  • The Tennessee average for gasoline was $2.03/g from June 1st – August 31st, 2016

Gas Price Tools for Reporters/Consumers

  • GasPrices.AAA.com – Daily national, state, and metro gas price averages.
  • AAA Mobile app – Free app that shows current prices at a gas station near you.

National Gas Prices

  • Sunday’s national average of $2.34 was 4 cents less than both last week and this time last year
  • The national average price for gasoline dropped for the 9th consecutive day on Sunday, falling a total of 4 cents since June 2
  • On Friday, the average price dropped below year-ago levels for the first time in 204 days

 

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.339 $2.344 $2.376 $2.338 $2.379 $4.114 (7/17/2008)
Florida $2.334 $2.341 $2.374 $2.341 $2.340 $4.079 (7/17/2008)
Tampa $2.295 $2.307 $2.363 $2.298 $2.297 $4.009 (7/16/2008)
Georgia $2.195 $2.199 $2.220 $2.204 $2.265 $4.164 (9/15/2008)
Tennessee $2.085 $2.088 $2.106 $2.102 $2.190 $4.118 (9/15/2008)
Click here to view current gasoline price averages

 

Fuel Fundamentals
(Based on weekly data provided by the EIA for the week ending 6/2/2017)
  • Crude oil prices hit 5-week lows last week, settling at $45.64 on Thursday. The weekly average of $46.56 was the lowest since November 18th, 2016.
  • U.S. crude inventories increased for the first time in 9 weeks by 3.3 million barrels
  • Domestic crude production sagged 0.26%; remains 6% higher than year-ago levels
  • Refineries let off the accelerator after churning out high levels of product, but remain nearly 6% more efficient than year-ago
  • Wholesale gasoline dropped for the third consecutive week, falling 4 cents during the past week.
  • Domestic gasoline production rose 0.7% at Gulf Coast refineries; nearly 3% more than year-ago levels
  • Gasoline supplies swelled by 1.4% domestically and 1% in the Gulf Coast. Stocks are now in line with last year’s levels; nearly 10% more than 2 years ago.
  • Gasoline demand softened last week, falling 5.42% from the record high set the week before.

Gas Price Survey Methodology

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 120,000 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 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 57 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.

Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.

 

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